Philippines: AboitizPower receives award for bond financing of Tiwi_MakBan geothermal project

Philippines: AboitizPower receives award for bond financing of Tiwi_MakBan
geothermal project

Aboitiz Power has been awarded the 2016 Bond of the Year by Project Finance
International Magazine for the bond financing of the Tiwi-MakBan geothermal
power project in the Philippines, valued at approximately $250 million.

In a release, Philippines' based Aboitiz Power announces having won the 2016
Bond Deal of the year of the prestigious Project Finance International
Magazine of Thomson Reuters. The award is given for the project bond issued
for the Tiwi-MakBan (Makiling-Banahaw) Geothermal Energy Project of
AboitizPower

The awarding ceremony will be held on Feb. 1, 2017 at the Hilton, Park Lane
in London.

The project bond has also been touted as one of the best in Asia, getting
the Best Renewable Deal of the Year by Alpha Southeast Asia, to be awarded
on Jan 25, 2017 in Kuala Lumpur, Malaysia.

The P12.5-billion ($252 million) local currency, multi-tranche bond
issuance, backed by the Asian Development Bank, was the first green bond
issuance in Asia and the Pacific.

AboitizPower through its subsidiary AP Renewables, Inc. (APRI), used the
issuance to finance the rehabilitation of the Tiwi-MakBan geothermal power
facilities, which it bought from the government in 2009 and to partially
fund its operating expenditures and future capital investments.

The two power plants, located in Batangas and Laguna (MakBan) as well as in
Tiwi, Albay combine for 390 MW of clean renewable power for the Luzon grid.

"This award proves we are on the right path, both in our efforts to find
power generation technologies that support global commitments to address
climate change and in our intention to find innovative and viable financing
options to support our plans," AboitizPower President and Chief Operating
Officer Antonio R. Moraza said.

"It has always been our goal to provide ample, reliable and reasonably
priced power through a balanced mix of generation assets so we can support
the energy needs of the Philippines," Moraza added.

The climate bond for Tiwi-MakBan was certified by the Climate Bonds
Initiative and is considered the first in Asia and the Pacific.

AboitizPower has one of the widest portfolios of energy sources in the
country. Thirty-nine percent of its 3,350 MW sellable capacity comes from
its renewable power plants - geothermal, large hydro, run-of-river hydro and
solar power plants.

The company also operates a number of coal power plants for baseload
capacity and oil-fired power plants for reliable peaking supply.

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com