San Miguel Corp’s power subsidiary San Miguel Energy is to issue $500m in a maiden debt offering.

San Miguel president Ramon Ang told Reuters that San Miguel Energy, the holding firm for the group’s power assets, would sell five-year dollar bonds.

The firm is now the biggest power company in the Philippines, following acquisitions of several generation facilities and contracts to manage the output of power plants.

The group has been moving away from its core food and drinks ventures and has added oil refinery, mining and infrastructure to its portfolio of businesses.