Philippine Rating Services Corp. (PhilRatings) has assigned an issue credit rating of PRS Aaa to the proposed P10-billion green bond issuance of AC Energy Corp. (ACEN).
PHILIPPINE Rating Services Corp. has assigned an issue credit rating of PRS Aaa to the proposed P10-billion green bond issuance of AC Energy Corp. .
PhilRatings noted ACEN’s “extremely strong” financial capacity to undertake the planned green bond offering. The assigned issue rating takes into account ACEN’s aggressive expansion of its power generation capacity throughout the region via partnerships with a focus on renewable energy; its conservative capital structure; the significant turnaround upon the acquisition by AC Energy and Infrastructure Corp.
Proceeds from the bonds will be used for the 283-MW San Marcelino Solar farm in Zambales, the 42-MWdexpansion of the current 72-MWdc Arayat-Mexico Solar farm in Pampanga, as well as the construction of the 133-MW first phase of the Cagayan Solar farm in Lal-lo, Cagayan.
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