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Ayala Corporation’s power generation arm, AC Energy, continues to reap global recognition as it bags the coveted “Green Project of the Year” award for its US$410 million maiden Green Bonds at the recently concluded The Asset Triple A Infrastructure Awards 2020 (ASEAN), which honors key institutions that have contributed to region’s economic growth and development.
The award highlights AC Energy’s landmark Green Bonds, the first publicly syndicated Climate Bond Initiative-certified US$ Green Bonds in Southeast Asia, anchored by International Finance Corporation and the Asian Development Bank as key investors. The bonds are also aligned with the ASEAN Green Bond Standards.
This is the fifth industry distinction received by AC Energy from The Asset, having previously won awards for Renewable Energy Deal of the Year (Ninh Thuan Solar), Best Green Bond, Best Issuer for Sustainable Finance, and Best M&A Deal.
“It is an honor to be recognized by The Asset for our efforts to scale up our renewable investments, and strengthen our liquidity through our Green Bonds,” said Eric Francia, AC Energy President and CEO. “We are committed to transition to a low carbon portfolio and work towards our goal of reaching 5,000 MW of renewables capacity by 2025.”
As of end Q2 2020, AC Energy had already allocated proceeds from the Green Bonds to 12 renewable energy projects spanning Vietnam, Indonesia and the Philippines, with a combined gross capacity of ~1,650 MW.
“We are pleased to see the significant deployment of the AC Energy’s green bond in various renewable projects. We continue to find ways to support the company’s expansion into renewables across the region,” said Michael Barrow, Director General of ADB’s Private Sector Operations Department.
Most recently, AC Energy launched its Environmental and Social (E&S) Policy which highlights the company’s transition to a low carbon portfolio. Divestment from existing coal generation assets will be implemented, with the aim of achieving full divestment from coal generation assets by 2030.
“AC Energy’s E&S policy is a welcome development for sustainable investing. The company provides a clear commitment to divest from coal and scale up its investments in clean energy,” said Vivek Pathak, IFC’s Director for East Asia and the Pacific.
AC Energy continues to expand its renewables capacity, reaching over 1,200 MW with recent landmark milestones in the region: the development of Sitara Solar, a 140 MWp solar plant and the company’s first foray in India, and the construction of the 210 MW Quang Binh wind farm, set to be the biggest wind farm in Vietnam.
AC Energy has committed to scale up its renewable energy expansion in the region and has identified the Philippines, Indonesia, Vietnam, Australia, India and Myanmar as key target markets.