MANILA—Energy Development Corp. on Friday said it was launching its maiden green bond framework, a renewable energy initiative, to celebrate its 45th anniversary.
EDC said in a statement it was looking to apply the certification of the bonds under the ASEAN Green Bonds Standards. The corporation’s board of directors earlier approved the bond shelf registration of up to P15 billion, with an initial tranche of P5 billion bonds.
“The livable planet that we want for our future generations is achievable if we strive to do more for our ailing environment and our communities and focus on creating shared value, in addition to shareholder value. Shared Value is at the core of being regenerative,” said Richard Tantoco, EDC President and COO.
These bonds and the shelf registration are subject to certification and approval respectively by the Securities and Exchange Commission (SEC).
According to EDC, its bond issuance will finance refinance new and existing initiatives considered eligible green projects under its green bond framework “that will provide cleaner, reliable power to businesses, institutions, and other electricity consumers.”
“We’re going full steam ahead to expand our geothermal portfolio with two projects this year, our 45th year of operation. Our 24/7 clean geothermal energy is one of our country’s strengths that will help the transition to a low carbon economy,” said Tantoco.
EDC said that because of its “reliable, stable low carbon baseload power, rain or shine,” geothermal power is the most ideal source of renewable energy.
The corporation's green bond framework was drafted accordingly with the four core components of the International Capital Market Association (ICMA) 2018 Green Bond Principles, the corporation said.
Leading environmental analytics firm Sustainalytics has noted the initiative as “credible and impactful,” and confirming its alignment to the Green Bond Principles, EDC said.
The Lopez-led EDC operates a 1,480-megawatt portfolio of renewable energy projects in the Philippines, including geothermal, hydro, wind and solar.
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