EDC to raise $310m in green bonds for renewables development?
The Philippines' Energy Development Corp. (EDC) is to raise about $310 million in a green bonds to finance renewable energy and two geothermal projects.
Lopez-led Energy Development Corporation (EDC) is scheduling P15 billion worth of bond issuance under its maiden “green bond framework”, so the Manila Bulletin before the weekend.
The raises funds are to finance new renewable energy projects and refinance loans for existing facilities.
“The bond issuance of EDC is intended for the financing or refinancing of new and existing RE projects that are considered eligible green projects under its green bond framework,” the company has reiterated.
EDC President and COO Richard B. Tantoco indicated “we’re going full steam ahead to expand our geothermal portfolio with two projects this year.”
The company’s green bond framework had gone through a review and second-party opinion of Sustainalytics, a Morningstar Company, which is a leading ratings and analytics firm globally for Environmental, Social and Governance (ESG) research works.
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Source: Manila Bulletin