SMC Global Power Holdings Corp. has approved the issuance of senior perpetual securities amounting to as much as $500 million.
Proceeds will be used for the development of the company’s battery energy storage system projects and for general corporate purposes.
Credit Suisse (Hong Kong), DBS Bank, J.P. Morgan Securities, Mizuho Securities Asia, Standard Chartered Bank and UBS AG Singapore Branch are the joint lead managers for the issue.
SMC Global Power is one of the country’s leading and largest power companies, with a combined capacity of over 4,197 megawatts comprising natural gas, coal and hydropower resources.
The company’s combined capacity represents about 19 percent of the power supply of the national grid and 25 percent of the Luzon grid.
SMC Global Power, through its wholly-owned subsidiaries, serves as the independent power producer administrator (IPPA) for the Sual, Ilijan and San Roque power plants.
Its portfolio also includes the 218 MW Angat hydroelectric power plant in Bulacan, the 450 MW greenfield power plant in Limay, Bataan, the 300 MW greenfield power plant in Malita, Davao Occidental and the 684 MW Masinloc power generating facility.