Project bond of the year - AP Renewables (Environmental Finance)
AP Renewables’ PHP10.7 billion ($225 million) green bond to finance the Tiwi-MakBan (Makiling-Banahaw) Geothermal Energy Project was significant for being the first from the Philippines, and in its use of credit enhancements from the Asian Development Bank (ADB).
AP Renewables, a subsidiary of Manila-based energy company Aboitiz Power, issued the bond to refinance the Tiwi-MakBan geothermal power facilities in the Philippines which it had bought from the government in 2009.
The bond was a private placement to BPI, which was also its lead arranger and sole underwriter. The bank is currently holding the bond while negotiating a sale to numerous insurance companies.