The newest investment comes from the World Bank's IFC $75m injection to anchor a $300m tranche.
The energy unit of Philippine conglomerate Ayala Corporation, AC Energy, has raised $410m in total from its maiden green bonds. The newest investment comes from the World Bank's International Finance Corporation (IFC), which injected $75m to anchor a $300m tranche.
Earlier in February, the Asian Development Bank (ADB) invested $20m in order to anchor a $110m 10-year tranche.
According to an announcement, the proceeds from AC Energy's bonds will finance the company's plans to hit a 5GW renewables target by 2025 using projects in East Asia and Pacific. IFC noted that its subscription to the bonds will go to solar photovoltaic (PV) and wind projects in Vietnam.
This builds on IFC’s investment in the power sector in Vietnam, particularly its equity stake in Gia Lai Electricity Joint Stock Company, the developer of the first operational utility-scale solar PV projects in the country.
The investment is in line with IFC's commitment to growing green capital markets, including infrastructure-targeted green bonds, which provide funding for the region’s massive infrastructure needs.
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