The Asian Development Bank (ADB) has invested US$20 million in AC Energy's maiden climate bond issuance, the Manila-based bank said on Monday. AC Energy, a wholly-owned subsidiary of Ayala Corporation in the Philippines, has over 1.8 gigawatts (GW) of attributable capacity as of the end of 2018. The climate bond proceeds will contribute towards AC Energy's target of 5 GW of attributable renewable energy capacity by 2025 across the region. "This landmark public listing will be the first Climate Bond Initiative (CBI) certified U.S. dollar climate bonds in Southeast Asia listed on the Singapore Stock Exchange," the bank said in a statement. Michael Barrow, director general of ADB's Private Sector Operations Department, said this climate bond "will help the Association of Southeast Asian Nations (ASEAN) meet its target of drawing 23 percent of the region's energy mix from modern, clean, and sustainable renewable sources by 2025.

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