SEC approves ACEN's green bond offering

MANILA, Philippines — The Securities and Exchange Commission approved ACEN Corp.’s ASEAN green bonds program.

The Ayala-led energy firm is looking to offer P30 billion worth of ASEAN green bonds. This type of ‘sustainable’ finance comprise bonds and sukuk, a sharia-compliant bond instrument, wherein proceeds will be used to exclusively finance or refinance green projects. 

These bonds comply with ASEAN green bonds standards. 

ACEN may offer the green bonds in tranches within three years, starting with an initial package worth P10 billion due 2027. 

The offer is expected to bag ACEN proceeds totaling P9.87 billion, which the company will use for eligible projects in line with its Green Bond Framework, according to the SEC. 

“Eligible green projects include those for renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings,” the SEC said. 

Ayala Corp’s energy platform is looking to build 20 gigawatts of renewable energy capacity by 2030. It already produces a renewable energy share of capacity at approximately 80%, which the company says is one of the highest in the Asia Pacific region. 

Aside from the Philippines, ACEN already has an estimated 3,000 megawatts of attributable capacity spread throughout Vietnam, Indonesia, India, and Australia. 

As of 10:49 a.m. on Wednesday, shares in ACEN were trading down 1.92%, tracking losses in the main index.