MANILA (XINHUA) – The Asian Development Bank (ADB) is supporting Thailand’s state utility operator, Provincial Electricity Authority (PEA), in issuing its first sustainability bond, the multilateral lender said yesterday.
The bond will raise THB1 billion (USD28.44 million) to support the development of renewable energy projects and improve energy access across the Southeast Asian country.
The bond, which has a five-year maturity, will be issued on August 21 to Thai institutional investors, marking a significant step toward developing a robust and sustainable bond market in the country.
The ADB said the proceeds will support PEA’s sustainability agenda, which aims to develop projects promoting renewable energy, such as microgrid development, and enhance climate resilience and adaptation initiatives, such as submarine cables to remote islands.
It added that the PEA will also use the proceeds to improve energy accessibility, particularly in areas without access to electricity, and elevate the quality of life for beneficiaries.
