As part of its push for renewable energy (RE), Lopez-led Energy Development Corporation (EDC) has launched its first green bond framework. 

The RE firm said the framework was developed in accordance to the core component of the International Capital Market Association 2018 Green Bond Principles, which advised transparency, disclosure, and promote integrity in developing the green bond market. 

The framework is part of EDC’s goal to finance or refinance the exploration, development, and rehabilitation of new or existing RE projects. 

The firm added that the framework provides guidelines for eligible green projects that can be supported through green bonds. It also consisted of procedures for the selection and evaluation of the projects, and the management of proceeds of the green bonds. 

Sustainalytics, an independent research company, said EDC’s framework is credible and impactful because it shows the positive sustainability aspects of the bonds. 

EDC asked Sustainalytics for its second-party opinion of the structure of the green bond framework. 

The framework was developed a month after the power firm announced that it planned to allocate up to Php15 billion of green bonds, with an initial of around Php3 billion and an oversubscription option of up to Php2 billion. 

EDC added that the bonds are still subject to the approval of the Securities and Exchange Commision (SEC). It also intends to apply the certification of the bonds with the SEC under the ASEAN Green Bonds Standards. 

The company runs RE power plants across the country with a total capacity of over 1,480 megawatts (MW).