Utilizing green bond to finance the JCM project@Philippines

A 29 MW binary geothermal power plant will be newly installed to the existing 120MW flash type geothermal power plant as a JCM Model Project at Palayan area of southern part of the Luzon island. The Operator of the power plant, Energy Development Corporation issued a PHP denominated Green Bond meeting ASEAN Green Bond Standards for financing this project. Philippine Rating Services assigned its highest rating of ‘PRS Aaa’ to this bond, and the initial issue amount was 10 times oversubscribed.