| Project Name | AC Energy Green Bond Project | |||||
| Project Number | 53037-001 | |||||
| Borrower/Company | AC Energy Finance International Limited AC Energy, Inc. AYALA CORPORATION |
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| Country | Regional Indonesia Philippines Viet Nam |
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| Location | Indonesia - Nation-wide; Philippines - Nation-wide; Viet Nam - Nation-wide | |||||
| Type or Modality of Assistance |
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| Strategic Agendas | Environmentally sustainable growth Inclusive economic growth Regional integration |
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| Drivers of Change | Partnerships Private sector development |
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| Sector / Subsector | Energy / Renewable energy generation - solar |
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| Gender Equity and Mainstreaming | Some gender elements | |||||
| Responsible ADB Department | Private Sector Operations Department | |||||
| Responsible ADB Division | Portfolio Management Division, PSOD | |||||
| Responsible ADB Officer | Ahmed, Salman | |||||
| Project Sponsor(s) | ||||||
| Objectives and Scope | ||||||
| Linkage to Country/Regional Strategy | The Project is consistent with ADB's Strategy 2030, which has a target of 75% of ADB operations to support climate change mitigation and adaptation by 2030. The project is consistent with ADB's Energy Policy, which supports wider access to energy through investments in energy efficiency and renewable energy projects. The project will contribute to ADB's target of $6 billion in annual financing for climate mitigation and adaptation by 2020 and catalyze further private sector resources in the clean energy segment. |
| Safeguard Categories | |
|---|---|
| Environment | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | The project is classified as category B for environment. It is processed as a general corporate finance transaction following ADB SPS Safeguards Requirement 4. No specific subprojects have been identified for ADB financing at this stage. A corporate audit of the company's current environmental and social policies and procedures included an assessment of the company's past and current performance against the objectives, principles, and requirements of SPS and a review of the extent it meets the requirements of the Social Protection Strategy (2001) and the Gender and Development Policy (1998) was conducted by a qualified and experienced external expert. The audit included assessment of the existing solar and wind subprojects of ACE in the Philippines and implementation of environmental and social corporate level policies at the subproject level. |
| Involuntary Resettlement | The project is classified as category B for involuntary resettlement. The ESMS will include the preparation of resettlement plans. |
| Indigenous Peoples | The project is classified as category B for indigenous peoples. The ESMS will also include (i) guidance and requirements to improve the social impact assessment process to confirm impacts of projects on Indigenous Peoples or ethnic groups as defined in the SPS and include a gender analysis; (ii) a framework for negotiated settlement verified by an independent third party and preparation of a land acquisition plan (LAP) that will elaborate on the different modes of acquisition and identify actions required to comply with SPS; (iii) the preparation of resettlement plans or Indigenous Peoples' plans; and (iv) where parcels of land have been purchased or acquired in the past, a requirement for an audit by an independent third party. |
| Stakeholder Communication, Participation, and Consultation | |
| Timetable for assistance design, processing and implementation | |
|---|---|
| Concept Clearance | 22 Jan 2019 |
| Credit Committee Meeting | 25 Jan 2019 |
| Approval | 30 Jan 2019 |
| Last PDS Update | 12 Feb 2019 |
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 |
|---|---|---|
| AC Energy Green Bond Project: FAST Report | Faster Approach to Small Nonsovereign Transactions | Feb 2019 |
| AC Energy Green Bond Project: Initial Poverty and Social Analysis | Initial Poverty and Social Analysis | Jan 2019 |
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.
| Title | Document Type | Document Date |
|---|---|---|
| AC Energy Green Bond Project: Environmental and Social Monitoring Report (2019) | Environmental and Social Monitoring Reports | May 2020 |
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.
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