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Sustainable development

Insular Life Subscribes to ASEAN Green Bonds

Strategic Insights

— 1 min read

Insular Life Assurance Company Ltd., a Philippine-based insurer, has recently subscribed to the ASEAN green bonds issued by Citicore Energy REIT Corp. (CREIT). This move marks a significant step towards promoting sustainability and combating climate change. The proceeds from the green bonds will be used to finance various projects, including the construction of three utility-scale solar plants with a total projected generation capacity of 269 MWdc. InLife's commitment to sustainable investing aligns with its mission of providing high-value insurance products and services while leaving a good legacy for future generations.

Key Takeaways:

  • Insular Life Assurance Company Ltd. (InLife) subscribed to ASEAN green bonds issued by Citicore Energy REIT Corp. (CREIT) with a coupon rate of 7.0543% and maturity in February 2028.
  • The proceeds of the green bonds will be used to finance three utility-scale solar plants with a total projected generation capacity of 269 MWdc, as part of CREC's expansion pipeline.
  • The CREIT ASEAN green bond offering raised P4.5 billion, which will be used for CREIT's expansion plans.
  • InLife has a history of investing in sustainable energy, with significant investments in International Finance Corporation's green bonds in 2018 and South Luzon Thermal Energy Corporation's (SLTEC) transition to renewable energy (RE) last year.
  • InLife recently launched the Systematic Global Sustainable Investment Fund (GSIF), an investment fund that supports Environmental, Social and Governance (ESG)-focused outcomes with the potential to earn monthly payouts.
  • The CREIT ASEAN Green Bonds have been rated PRS Aa+ with stable outlook by the Philippine Rating Services Corporation.

Statistics:

  • Total projected generation capacity of the three utility-scale solar plants: 269 MWdc.
  • Coupon rate of the AREAN green bonds: 7.0543% per annum.
  • Maturity date of the AREAN green bonds: February 2028.
  • Amount raised from the CREIT ASEAN green bond offering: P4.5 billion.
  • Rating of the CREIT ASEAN Green Bonds: PRS Aa+ with stable outlook.

Sources:

  • Insular Life Assurance Company Ltd. (source: Category: Funding Activities, Copyright 2017 Contify.com)

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