Vigeo Eiris provides the second party opinion on the first green bond planned to be issued by ALCO (Arthalan Corporation) in Philippines
ALCO is the first real estate firm in the Philippines to issue a ASEAN Green Bond
The proceeds of this first issuance for ALCO will exclusively finance or refinance, in part or in full, Green Buildings and the company is committed to support renewable energy suppliers by contracting them to supply 100% of ALCO’s legally eligible buildings’ energy demand with renewable energy.
The Company commits to obtain dual green building certifications and intends to contribute to one main environmental objective: Climate change mitigation.
ALCO’s proposed ASEAN Green Bonds is the first green issuance provided with a credit rating by Philippine Rating Services Corporation (PhilRatings). PhilRatings assigned an Issue Credit Rating of PRS Aa minus, with a Stable Outlook, for proposed Fixed-rate ASEAN Green Bonds.
Vigeo Eiris’ opinion confirms that the Green Finance Framework of ALCO is aligned with the four core components of the GBP (2018) and GLP (2018), and with the ASEAN Green Bond Standards (2018) and therefore Vigeo Eiris expresses a reasonable assurance (our highest level of assurance) 4 on the Issuer’s commitments and on the contribution of the contemplated Financial Instruments to sustainability.
See the Green Finance Framework
See Vigeo Eiris SPO
ESG, Green bonds