Greenlight was given by the Securities and Exchange Commission (EDC) to the public offering by Energy Development Corporation (EDC) of up to P15 billion in fixed-rate Asean green bonds.
Proceeds will fund geothermal growth and maintenance capital expenditure projects, including a portion of the capital expenditures (capex) for its Palayan Bayan Binary Project, Mindanao III Binary Project, and other geothermal capex for natural catastrophe resiliency, power plant equipment upgrades, spare parts replacements and other capex projects.
The commission en banc resolved to render effective the registration statement of EDC covering securities under the EDC Asean Green Bond Program which may be issued in one or more tranches within three years, subject to certain remaining requirements.
Asean Green Bonds refer to bonds and sukuk which comply with the Asean Green Bonds Standards, where proceeds will be exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green projects.
Eligible green projects include those for renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings.