Let me introduce someone who originally belongs to the field of science then crossover to the proper...
The Securities and Exchange Commission (SEC) has considered favorably the public offering by Energy Development Corp. (EDC) of up to P15 billion of fixed-rate Asean green bonds, according to a report by Philippine News Agency.
The EDC will use proceeds to fund geothermal growth and maintenance capital expenditure projects, including a portion of the capital expenditures (capex) for its Palayan Bayan Binary Project, Mindanao III Binary Project, and other geothermal capex for natural catastrophe resiliency, power plant equipment upgrades, spare parts replacements and other capex projects.
In its meeting on June 8, the commission en banc resolved to render effective the registration statement of EDC covering securities under the EDC Asean Green Bond Program which may be issued in one or more tranches within three years, subject to certain remaining requirements.
Asean Green Bonds refer to bonds and sukuk which comply with the Asean Green Bonds Standards, where the proceeds will be exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green projects.
Eligible green projects include those for renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings.
For the first tranche, EDC will offer up to PHP3 billion of three-year bonds due in 2024 and five-year bonds due in 2026, with an oversubscription option of up to PHP2 billion.
The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp.