LISTED AboitizPower Corp. on Monday successfully issued P3 billion worth of Series A Bonds due 2027 to finance the construction of one of its power plants in Luzon.
The issuance is part of the P30 billion shelf registration approved by the Securities and Exchange Commission (SEC) last June 16.
“This one will be for our equity infusions for Dinginin. So when we bought GNPower plants, the GN acquisition had two assets in it—Mariveles, which is already running, and then Dinginin, which is in construction,”
AboitizPower Senior Vice President and Chief Financial Officer Liza Montelibano told reporters on the sidelines of the listing ceremony held in Makati City.
“The construction started super late last year. So, for all in terms of purposes, we’re infusing our share of the equity for the construction of Dinginin,” she said.
AboitizPower completed the acquisition of GNPower plants for $1.2 billion in the fourth quarter of 2016.
The acquisition was part of the company’s plan to meet a target capacity of 4,000 megawatts (MW).
AboitizPower has a total capacity of 2,967 MW.
“We were like at 2,567 [MW] before we acquired GNPower. And then Mariveles was 600 MW. Plus, we partly own it. So including that we’re close to 3,000 MW. I think it’s 2,967 to be exact,” Montelibano said.
This year, AboitizPower is set to open a 60 MW power plant in Manolo Fortich, Bukidnon.
“Also, Pagdilao Electric Corp, which is the third unit in Pagdilao, will come on line late this year. For this one, we’re partners with Team Energy. It’s 400 MW, so 200 MW is attributable to us,” she said.
Early next year, the company’s Therma Visayas Energy Project in Toledo City, Cebu will come on line. The project is expected to generate up to 300 MW.
“By 2019, Dinginin should hopefully come on line—just in construction now. And then in 2020, we’re partners with MGen for IP energy. The plan for that is to come on line supposedly by 2020,” Montelibano said.
“But there are some approvals that we’re waiting for to get that started. So those are the ones that are in the pipeline,” she added.
Montelibano said the company remains optimistic that it will be able to finance energy security in the Philippines by 2020.
She said that AboitizPower remains open to acquisitions that contribute to the country’s power supply in the next three years.