The Php4.1-billion project notes facility for AboitizPower’s Hedcor Sibulan hydro power plant bagged the Renewable Energy Deal of the Year-Hydro award in the Hong Kong-based finance publication, The Asset.
CLEANERGY. The Hedcor Sibulan Hydroelectric Power Plants have been generating 42.5 MW of clean and renewable energy for the Mindanao grid since 2010. Composed of two cascading plants, Sibulan A Hydro produces 16.5 MW and the water it utilizes is re-used in the Sibulan B Hydro to produce another 26 MW.
“This award is a testament that we remain true to our mission to provide Filipinos a better future by delivering reliable and reasonably priced power,” said Emmanuel V. Rubio, AboitizPower COO for Generation Group.
The SEC registration-exempt Peso Denominated Fixed Rates issuance, which was also evaluated by the Philippine Rating Services Corporation (PhilRatings) and received a credit rating of PRS Aa+, indicating Aboitizpower and subsidiary Hedcor’s obligations are of high quality and subject to a very low credit risk.
The project notes issuance will be used to finance the redemption of a portion of preferred shares in line with AboitizPower’s capital management program to pay issue-related expenses and for general corporate purposes.
This is the second to the highest credit rating with stable outlook from Philratings and the first in First Metro Investment Corporation (FMIC, Issue Manager) to structure this type of fundraising. It is also the first for AboitizPower to refinance through fixed rate notes offered to Primary Institutional Lenders (PILs) in accordance with the Securities Regulation Code.
“We will continue to be committed to our obligations, build trust with our stakeholders and initiate projects that lead to the sustainability of our operations, our environment, and the advancement of our communities,” Rolando Pacquiao, vice president for Operations of Hedcor, said.
Hedcor manages and operates 22 hydropower plants and supplies the country with 185 MW of clean and renewable energy. With almost 40 years of experience, Hedcor is the leading run-of-river developer in the Philippines, which adheres to the guidelines of multiple international standards.
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