The Asian Development Bank (ADB) has invested 20 million U.S. dollars in AC Energy's maiden climate bond issuance, the Manila-based bank said on Monday.
ADB is an anchor investor in the 10-year tranche, contributing to a total issue volume of 410 million U.S. dollars. Proceeds of the bonds will finance renewable energy projects in the Asia and Pacific region, including Vietnam, the Philippines, and Indonesia.
AC Energy, a wholly-owned subsidiary of Ayala Corporation in the Philippines, has over 1.8 gigawatts (GW) of attributable capacity 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.
The Salak and Darajat Geothermal Plants in Indonesia are operated by Star Energy Geothermal (Salak-Darajat) B.V., a joint venture company of AC Energy, Barito Pacific Tbk, Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd.
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