RE infrastructures are at the forefront of The Asset Triple A Infrastructure Awards 2017, celebrating the best distinguished organizations and individuals in Asia as reviewed by The Asset’s Board of Editors and the Asset Benchmark Research team.
Among RE attendants, Hedcor Sibulan hydropower plant brought home the Renewable Energy Deal of the Year for Hydro award, the most prestigious recognition of its kind lauded at the Hong Kong-based finance publication’s industry awards.
“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 AboitizPower COO for Generation Group Emmanuel V. Rubio.
Hedcor is a wholly-owned subsidiary of the AboitizPower Corporation specializing in run-of-river hydropower systems. Currently, its RE portfolio boasts 22 hydropower plants and supplies over 185 megawatts (MW) of energy capacity nationwide.
The hydro facility upholds multiple international standards, in which subsidiary Hedcor received a credit rating of PRS Aa+ due to its P4.1 billion-worth note issuance, the salutatorian grading given by the Philippine Rating Services Corporation (PhilRatings).
Hedcor also passed the SEC registration-exempt Peso Denominated Fixed Rates issuance, indicating that its obligations are of high quality and subject to a very low credit risk.
The project issuance will necessitate 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.
First Metro Investment Corporation (FMIC), the energy group’s issue manager and bookrunner, will structure this type of fundraising, which is a first time for both organizations 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,” Hedcor Vice President for Operations Rolando Pacquiao said.