The project bond issued for the Tiwi-MakBan (Makiling-Banahaw) Geothermal Energy Project of AboitizPower bagged the 2016 Bond Deal of the Year of the prestigious Project Finance International magazine of Thomson Reuters.
The project bond has also been touted as one of the best in Asia, getting the Best Renewable Deal of the Year by Alpha Southeast Asia, to be awarded on Jan 25, 2017 in Kuala Lumpur, Malaysia.
The P12.5-billion local currency, multi-tranche bond issuance, backed by the Asian Development Bank, was the first green bond issuance in Asia and the Pacific.
AboitizPower through its subsidiary AP Renewables, Inc. (APRI), used the issuance to finance the rehabilitation of the Tiwi-MakBan geothermal power facilities, which it bought from the government in 2009 and to partially fund its operating expenditures and future capital investments.
The two power plants, located in Batangas and Laguna (MakBan) as well as in Tiwi, Albay combine for 390 MW of clean renewable power for the Luzon grid.
