The Asian Development Bank (ADB) has backed the issuance of AboitizPower’s Climate Bond, which will be used to fund the company’s renewable energy generation projects in Mindanao and in Southeast Asia.
In order to help fund AboitizPower’s renewable energy projects, it availed ADB’s credit enhancement facility in the form of a P10.7-billion local currency bond and P1.8 billion direct loan.
The issuance will finance the enhancement of the 390-MW Tiwi-MakBan geothermal energy facilities of AboitizPower in Laguna and Batangas; the 68-MW Manolo Fortich Hydro in Bukidnon of Hedcor, another subsidiary; and the 8.5-MW Maris Canal Hydro of SN AboitizPower (SNAP) and the National Irrigation Administration (NIA) in Isabela.
AboitizPower is also studying potential hydro and geothermal projects in Luzon and in Mindanao, particularly in Mt. Apo.
The company is also developing hydro and geothermal power plants in Indonesia. The Climate Bond, which has been certified by the Climate Bonds Initiative, is the first in Asia and the Pacific and the first ever Climate Bond for a single project in an emerging market. Climate bonds or green bonds are used to fund projects that have positive environmental benefits.
“We are committed to support the energy needs of the country, and in building renewable energy resources through our brand, Clea-nergy,” said Liza Monteli-bano, First Vice President and Chief Financial Officer of AboitizPower.
AboitizPower’s Cleanergy portfolio is composed of 29 hydro and geothermal po-wer generation facilities with a total of 915 megawatts attributable net sellable capacity. AboitizPower also have investments on hydro and geothermal plant projects. (pr)
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