AC Energy taps BPI Capital for global green notes offer

MANILA, Philippines — AC Energy Inc., the energy platform of the Ayala conglomerate, has appointed BPI Capital as the sole global coordinator for its proposed green notes offering.

In a disclosure to the Philippine Stock Exchange, AC Energy said it is proposing the offering of fixed for life (non-deferrable) senior perpetual non-call three-year green notes.

Apart from being the sole global coordinator of the notes, BPI Capital along with CLSA, Credit Suisse and UBS were also mandated by the company as joint lead managers and joint bookrunners of the proposed offering.

“The notes will be issued by AC Energy Finance International Ltd., a wholly owned subsidiary of AC Energy, and will be guaranteed by AC Energy,” the company said.

AC Energy said the notes are not and would not be registered with the Philippine Securities and Exchange Commission.

Earlier this year, AC Energy successfully raised $225 million from its inaugural dollar-denominated senior green bond issuance which has a five-year tenor and a coupon of 4.75 percent per annum.

The bonds were issued by AC Energy Finance International Ltd and listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).

“We are very pleased to see the success of our maiden green bond. This will enable AC Energy to scale up its renewable energy investments in the region,” AC Energy chairman Fernando Zobel de Ayala earlier said.

“We are very encouraged by the strong reception among bond investors within the current volatile environment. This reflects confidence in AC Energy’s capability to execute its plans and meet investor expectations,” AC Energy chief financial officer Cora Dizon said.

Proceeds of the bonds sale will be used for the company’s renewable energy projects.

AC Energy is 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..

In 2018, AC Energy generated 2,800 gigawatt-hours (gwh) of attributable energy, of which 48 percent was from renewable sources.

AC Energy’s 2025 goal is to reach five gw of renewable energy capacity, with renewables contributing at least 50 percent of total energy output.