Philippines : Tiwi and MakBan Geothermal Power Green Bonds Project

Nonsovereign Project | 48423-001

Project Name Tiwi and MakBan Geothermal Power Green Bonds Project
Project Number 48423-001
Borrower / Company AP Renewables, Inc.
Country / Economy Philippines
Type or Modality of Assistance
3266 Loan Ordinary capital resources PHP 1,800.00 million Committed
3266 Guarantee Ordinary capital resources PHP 8,025.00 million Committed
Strategic Agendas Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Energy / Renewable energy generation - geothermal

Finance / Money and capital markets

Gender No gender elements
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Ahmed, Salman
Project Sponsor(s) Aboitiz Power Corporation
Objectives and Scope
Linkage to Country/Regional Strategy The project is consistent with Strategy 2020 and the Midterm Review of Strategy 2020, which list infrastructure, the environment, and finance sector development as three of ADB''s five core areas. Among the main pillars of ADB''s country partnership strategy for the Philippines are private sector development, reduced environmental degradation, and vulnerability to climate change. The project supports each pillar. The project is also in line with ADB''s programs to increase investment in infrastructure through PPPs, and to increase the availability of long-term finance to fund infrastructure investment. The ADB''s Financial Sector Operational Plan recognizes that the Asia and Pacific region's capital markets require the participation of institutional investors to mobilize long-term savings for infrastructure development, and the project supports the promotion of debt capital markets, including local currency bonds, and ADB''s use of innovative financing mechanisms such as credit enhancements to enable the financing of infrastructure.
Safeguard Categories
Environment B
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement The project will not entail land acquisition, physical or economic displacement. APRI is operating two power plant facilities owned by the Philippine Government. No additional land additional acquisition is expected for any project rehabilitation activities during the period of ADB's involvement.
Indigenous Peoples There are no indigenous peoples in the vicinity of both power plants. None of the land lots leased to APRI are claimed, used, or owned by any Indigenous Peoples communities.
Stakeholder Communication, Participation, and Consultation The project involves ongoing operations and maintenance in two geothermal power plants which have been operational for over 20 years. Community engagement in the project is done through the Multipartite Monitoring Team and the corporate social responsibility (CSR) units established by APRI at both plants to serve as the main avenue for implementing community development project as well as engaging the community in plant operations.
Timetable for assistance design, processing and implementation
Concept Clearance 27 Jan 2015
Credit Committee Meeting 29 May 2015
Approval 02 Jul 2015
Last PDS Update 22 Jul 2021

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Safeguard Documents See also: Safeguards
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Evaluation Documents See also: Independent Evaluation

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