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The Securities and Exchange Commission approved the sale of the second tranche of Energy Development Corp.’s fixed-rate ASEAN Green Bonds totaling P10 billion to support the company’s geothermal drilling operations.
“This second tranche ASEAN green bonds will support the growth and resiliency of our renewable energy portfolio as we serve the growing economy’s increasing energy needs while pursuing the country’s decarbonization and net zero journey,” EDC president and chief operating officer Jerome Cainglet said.
The green bonds are priced at the lowest end of the range of 6.7478 percent, 6.8873 percent and 7.0626 percent for the 3-year, 5-year and 7-year series, respectively. They were rated PRS Aaa, with a stable outlook, by the Philippine Rating Services Corp. The offer period is set on May 13 to 17, 2024. BDO Capital & Investment Corp. and BPI Capital Corp. were mandated to act as joint issue managers and BDO Capital, BPI Capital, China Bank Capital Corp. and SB Capital Investment Corp.
EDC is the largest pure renewable energy company in the Philippines, operating 1,170 megawatts of geothermal, 150 MW of wind, 132 MW of hydroelectric power and 12 MW of solar power plants— for a total of 1,464.5 MW of clean and renewable energy.
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