SMC power unit eyes $500 million from perpetual notes issuance !-- -- Danessa Rivera (The Philippine Star) - January 8, 2020 - 12:00am MANILA, Philippines SMC Global Power Holdings Corp., the power generation arm of San Miguel Corp.

(SMC), is eyeing to raise up to $500 million to finance its battery energy storage systems (BESS) projects. In a regulatory filing, SMC Global said its board authorized the issuance of additional senior perpetual capital securities.

The new issuance is in addition to the outstanding $500 million senior perpetual capital securities issued on April 25, 2019, $300 million senior perpetual capital securities issued on July 3, 2019, and $500 million senior perpetual capital securities issued on Nov. 5, 2019. "The net proceeds from the issuance of the securities will be used and applied by the corporation for the development and completion of its battery energy storage systems projects and for general corporate purposes," SMC Global Power said.

Apart from pursuing coal projects, SMC Global is also focused on investing in BESS and renewable energy projects as part of its objective to operate in an environmentally-responsible manner while considering energy security and affordability. It is investing to add to the existing 10-MW Masinloc BESS and the planned 2x20-MW Kabankalan BESS.

It had also been cleared by the Department of Energy (DOE) to conduct grid impact studies (GIS) for 16 BESS projects. The GIS is necessary in determining if the electricity to be generated by the power project can be absorbed by the grid.

SMC Global has engaged Credit Suisse (Hong Kong) Ltd., DBS Bank, J.

P. Morgan Securities, Mizuho Securities Asia Ltd.

, Standard Chartered Bank and UBS AG Singapore Branch as joint lead managers, DB Trustees (Hong Kong) Ltd. as trustee and Deutsche Bank AG, Hong Kong branch as paying agent.

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