Tiwi and MakBan Geothermal Power Green Bonds Project

ADB provided a project loan in pesos and a credit enhancement (in the form of a partial credit guarantee in pesos) to support the issuance of the Philippines'' first peso-denominated green project bond. The project involves AP Renewables Inc.'s (APRI) refinancing of capital expenditure (including acquisition and plant rehabilitation) and ongoing operations and maintenance at Tiwi and Makiling-Banahaw (Tiwi-MakBan), the 7th and 4th largest geothermal facilities in the world at two locations on Luzon. The sponsor (Aboitiz Power Corporation, APC) acquired the Tiwi-MakBan complexes from the government in 2009, and invested in plant rehabilitation to improve availability and extend operating life.The Tiwi complex is located in the province of Albay, about 569 kilometers south of Metro Manila. With a combined nameplate capacity of 234 MW, Tiwi consists of three power plants with two generating units each. The units were commissioned between 1979 and 1982. The MakBan complex is located about 70 kilometers southeast of Metro Manila on the boundary of Laguna and Batangas provinces. With a combined nameplate capacity of 442 MW, MakBan consists of five power plants with a total of 10 generating units. The units were commissioned between 1979 and 1996.APRI is a wholly owned subsidiary of APC, a leading developer and operator of power generation and distribution assets in the Philippines.