ADB Backs Climate Bond By Philippine Renewable Energy Developer
In a major boost to the green bonds market in emerging countries, the Asian Development Bank lent support to a project-specific green bond in the Philippines.
The Asian Development Bank has backed a Climate Bond worth US$225 million issued by Philippines-based developer AP Renewables, a subsidiary of AboitizPower Corporation. Proceeds from the bond will be used for a geothermal project. According to media reports, this is the first Climate Bond issued in the Philippines.
The ADB has also provided debt finance worth $37.7 million for the Tiwi-MakBan geothermal energy project.
Guarantees issued by a multinational development bank like the ADB are a very healthy sign of the international green bonds market, and especially encouraging for project developers in the emerging markets.
AboitizPower is among the leading renewable energy project developers in the Philippines. AboitizPower’s Cleanergy portfolio is composed of 29 hydro and geothermal power generation facilities with a total of 915 megawatts of attributable net sell-able capacity.
In 2014, AboitizPower signed an agreement with SunEdison to develop 300 MW of solar power capacity in the Philippines.
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