AC Energy has listed the first ever green bond from an ASEAN
[Association of Southeast Asian Nations] issuer to receive the
Climate Bonds Initiative’s (CBI) stamp of
approval. The $225 million deal is listed on the Singapore
Stock Exchange (SGX), and provides a framework for future
southeast Asian issuers.
The net proceeds of the notes will finance renewable energy
projects in Vietnam, the Philippines, Indonesia and others in
Asia. A subsidiary of Ayala Corporation, AC Energy aims to
increase its energy capacity to 5 gigawatts by 2025, with 50%
of the energy mix powered by renewable energy.
The issuance is supported by the International Finance
Corporation (IFC), which has invested $75 million in the 2024
tranche, as well as Asian Development Bank (ADB), which has
invested $20 million in the 2029 tranche.
While timing was not perfect, the issuer saw a window of
opportunity. "From a market perspective, benchmark...