Aboitiz Power Corp. announced on Friday that it would issue P10 billion out of its P30-billion shelf-registered bonds in the first quarter of next year, subject to market conditions.

In a stock exchange disclosure, it said the third tranche of its debt program is comprised of fixed-rate retail bonds including oversubscription.

“Proceeds of the [bonds] will be used for refinancing and/or future renewable projects,” it said.

The first tranche of the company’s shelf-registered bonds was completed on March 16, while the second one was done on Dec. 2.

“Subject to market conditions, the Third Tranche Bonds is expected to be offered to the general public in the first quarter of 2022 and shall be listed with the Philippine Dealing and Exchange Corporation (PDEx) as and when issued,” the company said.

The energy company operates hydro, solar and geothermal power plants as part of its clean energy portfolio in the Philippines, while also working on coal and oil-fired plants.

In March, AboitizPower announced that it targets a portfolio made up of 50% renewables and 50% thermal energy by 2030, through investing in more renewable energy projects in the country and abroad.

AboitizPower shares climbed 0.32% or 10 centavos to finish at P31.80 apiece on Friday. — Marielle C. Lucenio