San Miguel Corp.’s power generation arm, San Miguel Global Power Holdings Corp., has approved the issuance of up to $300 million worth of senior perpetual capital securities.
The company said the plan was approved during a special board meeting on Jan. 12 and disclosed to the Philippine Dealing and Exchange Corp.
San Miguel Global Power did not say how the proceeds will be used. The final amount to be issued will depend on market conditions. The securities will be listed on the Singapore Exchange.
The company earlier said it plans to add up to 3,320 megawatts (MW) of new power capacity by 2028, with investments of at least P52.7 billion.
Beyond 2028, it is also preparing for 1,100 MW of solar projects across Pagbilao, Bohol, and parts of Mindanao, including Davao, until 2039. It is also considering small natural gas-fired power plants in Mindanao to support rural electrification.
San Miguel Global Power currently has a total portfolio of about 4,682 MW and 1,000 megawatt-hours from hydro, natural gas, coal, and energy storage projects.
