EDC seeks to raise P10B from fresh green bond offer

MANILA  -Energy Development Corp. (EDC) is set to offer P10 billion worth of Asean green bonds to finance more renewable energy projects.

In a stock exchange disclosure on Wednesday, Lopez-led First Gen Corp., the parent company of EDC, said the amount represented the second tranche of its P15-billion Asean green bond program. The 100-percent renewable energy subsidiary listed the first tranche worth P5 billion in 2021.

The latest issuance is still subject to the approval of the Securities and Exchange Commission and the Philippine Dealing and Exchange Corp.

The company previously said investing in Asean green bonds would allow the public to support the financing of renewable energy projects.

These green bonds follow standards set by the Asean Capital Markets Forum (ACMF), a group of capital market regulators from countries belonging to the Association of Southeast Asian Nations (Asean).

The program helps increase investor interest in projects, mostly in renewable energy and climate resilience, as part of ACMF’s broader efforts to develop green financing leading to sustainable growth in the region, according to the group.

READ: EDC spending P60B to boost steam fields

At present, EDC has over 1,480 megawatts (MW) of installed capacity, 1,181 MW of which comes from its geothermal portfolio. This accounts for 62 percent of the country’s total installed geothermal capacity.

Earlier this year, EDC vice chair and chief executive Francis Giles Puno said the company planned on shelling out P60 billion in the next three years to drill 40 additional geothermal wells in four province

Read more...