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Manila Bulletin devider Business devider InLife invests in CREIT green bonds

InLife invests in CREIT green bonds

Published Feb 22, 2023 02:58 pm

Insular Life (InLife) has invested in Citicore Energy REIT Corp.’s (CREIT) ASEAN green bonds in line with the company’s goal of promoting sustainability.

In a statement on Wednesday, Feb. 22, Nina D. Aguas, InLife executive chair said the insurer will continue its sustainable investments, such as the CREIT ASEAN green bond offering.

“We consider this a relevant undertaking to further our goal of promoting sustainability. We want to continue creating value through sustainable investing, and we are thankful for the opportunity CREIT afforded us,” Aguas said.

The fixed-rate bonds bearing a coupon rate of 7.0543 percent, is the first of its kind, and will mature in February 2028. The CREIT ASEAN green bond offering raised P4.5 billion which will be used for its expansion plans.

“Going into sustainable investing means aligning with InLife’s mission of providing high-value insurance products and services while leaving a good legacy for the future generations,” Vera Victoria C. Morales, InLife chief investment officer said.

In 2018, InLife made substantial investments on the International Finance Corp.’s green bonds.

Proceeds of the green bonds are being used for projects that promote renewable power, energy efficiency, sustainable agriculture, green buildings, and those that address climate change.

Last year, the company put in another significant investment in Ayala Group’s South Luzon Thermal Energy Corp.’s (SLTEC) transition to renewable energy (RE).

Recently, InLife launched the Systematic Global Sustainable Investment Fund (GSIF). A first in the industry, GSIF is 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 Corp., which implies CREIT’s capability to meet its financial obligations.

The proceeds of the offering will be used to acquire a solar rooftop system and land parcels in Batangas that will be leased to solar power generators and operators affiliated with CREIT’s sponsor, Citicore Renewable Energy Corp. (CREC).

From these, three utility-scale solar plants with a total projected generation capacity of 269 megawatt direct current will be constructed as part of CREC’s expansion pipeline.

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