Philippines’ SMC Global Power lists P40b bonds
This will allow the company to provide reliable power supply.
Philippine energy firm SMC Global Power Holdings. Corp. (SMCGP) has listed its P40b fixed rate bonds, intended to support the company’s commitment to provide reliable power supply.
The bond, initially targeted to raise P30b, was increased by P10b due to strong demand amongst investors.
“The funds provided by these Bonds come at an opportune time as we continue with our commitment to provide the country with reliable power supply, amidst present challenges in the global fuel market,” SMC president and CEO Ramon S. Ang, said in a statement.
The company noted it comprises the first tranche of SMCGP’s P60b shelf-registered peso retail bonds consisting of Series K Bonds, with an interest rate of 5.9077% per annum due in 2025; Series L Bonds, at 7.1051% p.a. due 2028, and Series M Bonds, at 8.0288% p.a. due 2032.
Ang affirmed the company remains on track in attaining plans to minimise the Philippines’ reliance on coal even amidst fuel cost and supply issues brought by the conflict between Russia and Ukraine.
The SMCGP had just completed installing 500 megawatt-hours (MWh) of additional power storage capacity.
By the end of 2022, SMCGP eyes bringing the total battery capacity to 700MWh, and up to 1,000MWh by the end of 2023.