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Proceeds of the bonds will finance renewable energy projects in the Asia and Pacific region, including Vietnam, the Philippines, and Indonesia.
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/saur-energy/media/post_attachments/2017/09/ADB.jpg "ADB Invests $20 Mn")
The Asian Development Bank (ADB) has invested $20 million in the maiden climate bond issuance of AC Energy, a wholly-owned subsidiary of Ayala Corporation in the Philippines.
ADB is an anchor investor in the 10-year tranche, contributing to a total issue volume of $410 million. Proceeds of the bonds will finance renewable energy projects in the Asia and Pacific region, including Vietnam, the Philippines, and Indonesia.
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This climate bond will be used to support AC Energy’s plans to establish and expand a regional presence in the development of clean energy projects in accordance with environmental best practice.
“We believe that this green bond issuance offers investors a compelling alternative to traditional investments and will help promote financing of clean energy projects by the private sector across the region,” said AC Energy President and Chief Executive Officer Mr. Eric Francia. “ADB’s support was invaluable to ensure that the bonds comply with CBI standards and we believe that this will demonstrate our commitment to meeting the highest environmental and safeguard standards.”
“This climate bond will help the Association of Southeast Asian Nations meet its target of drawing 23% of the region’s energy mix from modern, clean, and sustainable renewable sources by 2025,” said Michael Barrow, Director General of ADB’s Private Sector Operations Department. “AC Energy aspires to be a regional leader in renewable energy, and ADB is delighted to support the Ayala Group in this effort by anchoring this investment and crowding in other institutional investors.”
AC Energy has over 1.8 GW of attributable capacity (in operation and under construction) as of the end of 2018. The climate bond proceeds will contribute towards AC Energy’s target of 5 GW of attributable renewable energy capacity by 2025 across the region.
