San Miguel power firm eyes $300M from bond market
The energy subsidiary of San Miguel Corp. plans to raise up to $300 million from the overseas bond market to redeem obligations and fund its renewable energy developments.
San Miguel Global Power Holdings Corp. (SMGP) said so in a disclosure to the Philippine Dealing & Exchange Corp. (PDEx). The company said its board of directors had authorized the issuance of senior perpetual capital securities.
The listing is eyed on the Singapore Exchange Securities Trading Ltd.
The group said the proceeds would be used to purchase and redeem outstanding senior perpetual capital securities issued on Jan. 21, 2020. These have an initial distribution rate of 5.7 percent.
A portion of the fresh funds would likewise help finance SMGP’s solar and hydropower projects as well as deploy a battery energy storage system (BESS).
With a goal to shift to cleaner energy sources, SMGP has committed to launching more solar parks.
The initial phase of solar projects has a planned capacity of 2,670 MW across Luzon and Mindanao. The group hopes to complete them from 2026 to 2029.
SMGP noted the new capital would not be used for its existing and planned coal-fired power assets and liquified natural gas facilities.
For this planned offering, SMGP tapped Standard Chartered Bank as sole lead manager and DB Trustees (Hong Kong) Limited as trustee. Deutsche Bank Aktiengesellschaf Hong Kong Branch was enlisted as principal paying agent, calculation agent, transfer agent and registrar. Latham & Watkins was tapped as listing agent.
SMGP is one of the major power giants in the local market, controlling about 5,710 megawatts (MW) of combined capacity as of July 2025.
Its portfolio includes natural gas, coal and renewable energy, including hydroelectric power and BESS.
According to the Energy Regulatory Commission’s data for 2025, SMGP’s market share reached 20 percent of the national grid system. This includes 25 percent of Luzon; 5 percent of the Visayas; and 9 percent of Mindanao.
