Philippines : Tiwi and MakBan Geothermal Power Green Bonds Project
Project Details
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Project Officer
Ahmed, Salman
Private Sector Operations Department
Request for information -
Country/Economy
Philippines -
Modality
-
Sector
- Finance
| Project Name | Tiwi and MakBan Geothermal Power Green Bonds Project | ||||||||||
| Project Number | 48423-001 | ||||||||||
| Borrower / Company | AP Renewables, Inc. |
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| Country / Economy | Philippines |
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| Location | |||||||||||
| Type or Modality of Assistance |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | Partnerships Private sector development |
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| Sector / Subsector |
Energy / Renewable energy generation - geothermal Finance / Money and capital markets |
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| 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 |
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| 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 | |
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| 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 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
| Title | Document Type | Document Date |
|---|---|---|
| Tiwi and MakBan Geothermal Power Green Bonds Project: Extended Annual Review Report | Extended Annual Review Reports | Aug 2020 |
| Tiwi and MakBan Geothermal Power Green Bonds Project: Initial Poverty and Social Analysis | Initial Poverty and Social Analysis | Dec 2014 |
| Tiwi and MakBan Geothermal Power Green Bonds Project: Report and Recommendation of the President | Reports and Recommendations of the President | Jun 2015 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
Evaluation Documents See also: Independent Evaluation
None currently available.
Related Publications
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.
Financing for Philippines' Geothermal Future
The Tiwi MakBan Geothermal Power Green Bonds Project, the Philippines' first green bond issue, is helping the country develop its natural resource to reduce fuel imports and help meet energy demand.ADB Backs First Climate Bond in Asia in Landmark $225 Million Philippines Deal
The Asian Development Bank has backed the issuance of the first Climate Bond in Asia and the Pacific.