AC Energy raises $400M in maiden perpetual green bond issue
The energy platform of AC Energy Inc. successfully raised $400 million from its first ever dollar-denominated senior perpetual fixed-for-life green bond offering as it seeks to add over 1,000 megawatts of renewables capacity next year.
The bonds issued by AC Energy Finance International Ltd., have a coupon rate of 5.65% for life.
The offer was three times oversubscribed, with orders reaching over $1.2 billion.
“We are very pleased to see the strong reception among bond investors for our maiden perpetual green bond, ” AC Energy President and CEO Eric Francia.
Francia said the fresh capital would be used to “further cement AC Energy’s commitment towards renewable energy and sustainability, and support the company’s scaling up of renewable energy investments in the Asia Pacific”.
AC Energy plans to deploy the funds for renewable energy expansion across the Asia
Pacific region to include the Philippines, Indonesia, Vietnam, Myanmar, India and Australia, among others.
It currently has a net attributable capacity of over 1,600 MW, of which 600 MW is from renewable sources.
As one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region, AC Energy aspires to achieve 5 gigawatts of attributable renewable energy capacity, and generate at least 50% of total energy output from renewables by 2025.