Renewable energy leader Energy Development Corp. of the Lopez Group will launch today its maiden Green Bond Framework as the company celebrates its 45th anniversary.
The move is in preparation for the issuance of up to P5 billion in bonds in May, subject to the approval of the Securities and Exchange Commission.
The EDC board earlier approved the undertaking of a bond shelf registration of up to P15 billion and and the issuance of an initial tranche of up to P3 billion with an oversubscription option of P2 billion in fixed rate bonds, subject to the approval of the SEC. The bonds are to to be listed on Philippine Dealing & Exchange Corporation.
EDC also plans to apply for the certification of the bonds under the ASEAN Green Bonds Standards adopted in the Philippines.
EDC will use proceeds from the bond issue to finance or refinance new and current renewable energy projects that are considered Eligible Green Projects under its Green Bond Framework. These projects will provide cleaner, reliable power to businesses, institutions and other electricity consumers.