Investor Presentaiton
Case Studies - Infrastructure
THA: Thailand Green Bond Project
REG: AC Energy Green Bond Project
Client: B.Grimm Power Public Company Limited
ADB Assistance: $152.7m debt investment in bonds equivalent in baht
Key Features:
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ADB invests in corporate bonds (green bonds) issued by B.Grimm, a leading
energy company in Thailand with a growing presence in other ASEAN
countries.
It is the first "Climate Bond" certified by the Climate Bond Initiative (CBI), and
the first "Green Bond" issued by a Thai energy company in compliance with
the International Capital Markets Association's Green Bond Principles (GBP).
The bond proceeds are used for the construction and refinancing of 16 solar
power plants in Thailand, for a total capacity of 98.5 MW.
ADB helped and advised B.Grimm in ensuring compliance with the GBP, and
also assisted in B.Grimm's application to the CBI for the Climate Bond
certification.
ADB's Value Addition:
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Help make green bonds and climate bonds better known in the region.
Foster confidence among issuers towards green bonds, help promote further
investments in renewable energy and other climate-friendly businesses, and
enable easier access to funding for these projects.
Encourage other players in the market to improve their environmental and
social management system as B.Grimm's.
Approval Date: 5 December 2018
Commitment Date: 7 December 2018
Client: AC Energy Finance International Limited (ACEFIL)
ADB Assistance: $20m debt investment in bonds
Key Features:
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ADB invests in green bonds issued by ACEFIL. These bonds are in compliance
with the International Capital Markets Association's Green Bond Principles,
and Climate Bond Initiative (CBI) certification process under its Climate Bond
Standards. AC Energy, ACEFIL's parent company and also the bond guarantor,
obtained CBI certification upon the advice of ADB. The proceeds of ADB's
subscription will only be applied to solar and wind projects in the Philippines,
Indonesia and/or Viet Nam.
AC Energy is a wholly-owned subsidiary of Ayala Corporation, one of the most
diversified conglomerates in the Philippines. AC Energy has developed and
grown its Philippine portfolio to over 1,739 MW of gross capacity by end of
2018, expended overseas, and has become a regional renewable energy leader
in Southeast Asia.
ADB's Value Addition:
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Ensure that bonds will comply with the GBP and climate bond monitoring
process.
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Help make green bonds and climate bonds better known in the region.
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ADB's anchor investor role will be catalytic in offering an alternative to the
loan markets for financing clean energy initiatives in the private sector.
Approval Date: 30 January 2019
Commitment Date: 31 January 2019
7 October 2019
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