ACEN Corp., the power generation arm of Ayala Corp., plans to tap the debt market to raise P30 billion to partly finance 2023 capital expenditures.
“In terms of new debt, we are projecting to borrow about P30 billion. We are also looking at equity offering by way of preferred shares, and that is not part of the P30 billion expected borrowing during the year. That’s corporate finance,” ACEN chief finance officer Maria Corazon Dizon said in a briefing.
“Obviously, we will deploy quite a bit of that cash levels that we have. And then in addition to that, we could tap some bilateral loans as well as the possible preferred share issuance to fund the balance of the requirements,” Francia said.ACEN has around 2,400 megawatts of renewable power generation capacity under construction, majority of which will be operational in 2023.
The company averages 1,000 MW of new projects every year, but it is looking at going beyond this leve to get closer to its 20,000-MW target by 2030. “The Philippines will remain as ACEN’s core market, with Australia remaining as the second largest market. In addition, we will continue to grow our presence in Vietnam, Indonesia and India,” Francia said.
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