Renewable powerActive

Tiwi and MakBan Geothermal Power Green Bonds Project

AP Renewables Inc., a subsidiary of Aboitiz Power Corporation, operates the Tiwi and Makiling-Banahaw geothermal complexes, described by the Asian Development Bank as the world's 7th- and 4th-largest geothermal facilities. ADB provided a peso loan and a partial credit guarantee to support what it calls the Philippines' first peso-denominated green project bond.

Tiwi, Albay Province, and Makiling-Banahaw, Laguna/Batangas boundary, Luzon, PhilippinesGrid-connected geothermal powerNone
Image credit
Geothermal facilities around Bitin Road, Bay, Laguna, September 2019. Mak-Ban field context; not an identified asset financed by the Tiwi–MakBan green bonds.Location context · Judgefloro · CC0 · 2019 · Resized; display cropImage source ↗Licence ↗
OperatorAP Renewables Inc. (subsidiary of Aboitiz Power Corporation)
EcosystemGrid-connected geothermal power
StandardNone
StatusActive
LocationTiwi, Albay Province, and Makiling-Banahaw, Laguna/Batangas boundary, Luzon, Philippines
Overview

Inside the project

Tiwi has a combined capacity of 234 MW and Makban 442 MW.

The financing refinances capital spending and ongoing operations at the two sites rather than funding new construction.

234 MW
Tiwi combined capacity
442 MW
Makban combined capacity

Objectives

  • Refinance capital spending and operations at the Tiwi and Makban geothermal complexes
  • Support the issuance of the Philippines' first peso-denominated green project bond

Approach

  • ADB provided a peso-denominated project loan and a partial credit guarantee to support the bond issuance that refinances the two geothermal complexes.

Sources

Inspect 1 source
  1. adb.org ↗https://www.adb.org/projects/48423-001/main

Documented by one public source so far.

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