First Asian Climate Bond issued by Philippines Geothermal Company

MANILA - Philippines geothermal company AP Renewables Inc. has reached financial close for a PHP10.7 billion (US$225 million) certified Climate Bond for the Philippines-based Tiwi-MakBan geothermal project. The bond, which has been certified by the Climate Bonds Initiative, was the first in Asia and the Pacific to receive Climate Bonds certification and the first Climate Bond for a single project in an emerging market. The bond was backed by the Asian Development Bank.