Tiwi and MakBan Geothermal Power Green Bonds Project (ADB-48423-001)

Countries
  • Philippines
Geographic location where the impacts of the investment may be experienced.
Specific Location
Province of Albay, Province of Laguna
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 2, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AP Renewables, Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 8,025.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 1,800.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Jul 9, 2020

Disclosed by Bank Jul 28, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the project aims to rationalize the capital structure, operational support and maintenance of two geothermal power plants in Luzon, the Philippines, namely, the Makiling-Banahaw Geothermal Power Plant (MGPP) and the Tiwi Geothermal Power Plant (TGPP). TGPP consists of three geothermal power plants located approximately 40 kilometers (km) north of Legazpi City with an installed gross generating capacity of approximately 234 MW. The MGPP is a complex of seven geothermal power plants located approximately 70 km southeast of Metro Manila with an installed generating capacity of approximately 442.90 MW. In July 2008, AP Renewables Inc. (Borrower) , which is a wholly owned subsidiary the Aboitiz Power Corporation (Sponsor), won the bid conducted by the Power Sector Assets and Liabilities Management Corporation (“PSALM”) and acquired both MGPP and TGPP. ADB’s financial assistance is requested as a partial credit guarantee for up to 75% of US$ 240 million equivalent in pesos project bonds and US$ 40 million equivalent in pesos project loan. The debt will be used to partly refinance the equity capital infused for the purchase and rehabilitation of the power plants.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Borrower/Company: AP Renewables, Inc.
Project Sponsor: Aboitiz Power Corporation


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Officer: Taneja, Anshukant
Private Sector Operations Department
No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main

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How it works