Source: PhilStar
12 September 2019 – MANILA, Philippines — AC Energy Inc., the power generation unit of the Ayala Group, sees more opportunities in tapping green financing after it bagged the ASEAN Green Bond Label.
The company secured another certification under the ASEAN Green Bond Standards after it issued the first Climate Bond Initiative-certified US dollar green bonds in Southeast Asia amounting to $410 million.
“AC Energy’s inaugural?green bond opens the door to a wider investor base and enables our renewable energy investments,” AC Energy president and CEO Eric Francia said.
“With the ASEAN Green Bond label, we can further tap into green finance to support our sustainable regional growth, providing a firm assurance to investors that these projects will benefit a low-carbon and climate-resilient economy,” he said.
Ayala Group’s rapidly expanding power generation unit is pushing forward to cement the company’s commitment towards renewable energy and sustainability.
The company plans to deploy the funds for renewable energy expansion around the region, including the Philippines, Indonesia, and Vietnam.
“We reaffirm our commitment towards strengthening our environmental, social, and governance standards in managing our portfolio of assets. We will scale up our renewable energy initiatives across the Asia Pacific,” Francia said.
The ASEAN Green Bonds Standards is an initiative that facilitates ASEAN capital markets in tapping green finance to support sustainable regional growth and meet investor interest for green investments and is part of the ASEAN Capital Markets Forum’s broader efforts in developing green finance for the region.
Since its launch in November 2017, there have been less than 20 issuances in the region carrying the ASEAN Green Bond label, with two of these coming from the Ayala group.
“The move to comply with ASEAN Green Bond Standards demonstrates the region’s increasing emphasis on sustainable financing,” said Ephyro Luis Amatong, a commissioner of the Securities and Exchange Commission.
“AC Energy helps make the country the “ideal destination” for sustainable investments given its plans to develop clean energy projects in accordance with environmental best practices,” he said.
The company had raised a total of $410 million from its maiden green bond issuance.