Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

AC Energy

AC Energy is a subsidiary of Ayala Corporation, which can trace its heritage back to the 19th Century and is the largest company in the Philippines, with business interests in a wide range of industries.

 

AC Energy owns 1.7GW of energy generation capacity, of which just under 50% is renewable. They have a target of over 50% renewable generation mix by 2025. Their renewable energy generation portfolio includes a mix of solar, onshore wind and geothermal generation assets across the Philippines and Asia Pacific. In 2017, AC Energy generated 410 GWh of renewable energy, which was an 20% increase on 2016. AC Energy has stated that its corporate strategy is aligned with contributing towards SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action). They also ensure that local environmental and social regulations are adhered to, when making investment decisions.

The bond is listed in Singapore.

 

A tap of $60 million on the original $300m 5 year tranche, was issued in July 2020.

 

DATE OF ISSUE

TYPE OF INSTRUMENT

SIZE

TENOR

COUNTRY OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
January 2019 Use of Proceeds USD 410 million in two tranches 5 years, 10 years Philippines

Solar

Wind

Geothermal

pre issuance statement

post issuance verification

 

Green Bond Framework

Second Party Opinion

Press Statement from AC Energy

Press Statement by Asian Development Bank

News for $60m tap