IJGlobal ESG Awards 2025 – APAC Transaction Winners

This evening at The Westin Singapore, the infrastructure community gathered to celebrate the Asia Pacific chapter of the IJGlobal ESG Awards 2025.

The event combined IJGlobal Investor Awards and IJGlobal ESG Awards and this story focuses on the winners in the deal category to recognise achievements across Asia Pacific.

The event was led by IJGlobal APAC editor Manju Dalal, taking to the stage with editorial director Angus Leslie Melville and senior editor Ila Patel – all of them fresh from hosting the Infrastructure Finance Forum – Asia 2025.

IJGlobal ESG Awards are now in their fifth year – hosted tonight for the first time in Asia Pacific – and they recognise developments from 1 July 2024 to 30 June 2025.

We take immense pride in our judging process and the peer-review nature of all our awards which (we believe) make them the most impactful in the infra/energy community.

You can read about the judging panel here and it makes votes on every single category that is considered and – possibly – awarded. We are unaware of any other title in this sector that goes to such lengths to achieve this level of impartiality.

The IJGlobal ESG transaction award winners are:

• Bond of the Year – Cebu Landmasters Inc. Sustainability-Linked Bonds
• Circular Economy Deal of the Year – SAEL Green Note Refinancing, India
• Impact Deal of the Year – Wellington Aboriginal Community Equity Participation Model, Central-West Orana Renewable Energy Zone
• Indian Infrastructure Deal of the Year – AMPIN Energy Green Three Private Limited
• Nature Finance Deal of the Year – Coral Reef Ecosystems Protection, Indonesia
• Net Zero Deal of the Year – Wooreen Energy Storage, Australia
• PPP Award – New Melton Hospital PPP Sustainable Loan
• Renewable Energy Deal of the Year – Fengmiao 1 Offshore Wind Farm, Taiwan
• Renewable Energy Deal of the Year - Frontier Market – ACWA Power's Solar PV / BESS project in Tashkent, Uzbekistan
• Energy Storage Deal of the Year – Bungama Solar PV & BESS Project, New South Wales
• Solar Deal of the Year – Actis Investment in Terra Solar, Philippines
• Brownfield Deal of the Year – Muara Laboh Geothermal Power Plant Expansion, Indonesia
• Geothermal Energy Deal of the Year – Muara Laboh Geothermal Power Plant Expansion, Indonesia
• Sustainability-Linked Loan Deal of the Year – Aliro Sustainability-Linked Loan, Australia
• Transportation Deal of the Year – HMM Co Sustainability-Linked Loans
• Indian Transportation Deal of the Year – Shriram Finance Multi-Currency Loan, 2025
• Energy Transition Deal of the Year – SAFCO Sheikhupura SAF Plant, Pakistan

 

Bond of the Year

Cebu Landmasters Inc. Sustainability-Linked Bonds

Cebu Landmasters’ Php 5 billion ($87.2m) sustainability-linked bonds to finance affordable housing in the Philippines was chosen by the independent panel of judges to win the Asia Pacific ESG award for capital market solutions.

One of the judges said this transaction was “an innovative deal using an important ESG metric of affordable housing” with another adding that “affordable housing makes a tangible social impact and the KPIs ensure real accountability / delivery. We need more of such bonds!”

Yet another judge said: “Unlike other green bonds, this submission clearly shows its impact on social and governance as well. Social impact is often neglected in ESG bonds.”

Cebu Landmasters’ sustainability-linked bonds were issued in March (2025) across Series D and E sustainability-linked bonds, with tenors of 3 and 5 years respectively.

The offering received overwhelming investment interest – oversubscribed 3x – arranged by RCBC Capital Corporation, Bank of the Philippine Islands, China Banking Corporation and PNB Capital.

CLI is the first real estate developer in the Philippines to use affordable housing as a key success metric for an SLB – a unique financial instrument tied to an ESG objective.

The company was able to leverage the “sustainability linked” label to generate large market demand while reducing borrowing costs in a high interest rate environment.

These bonds will double CLI’s housing portfolio by 2028, building 16,000 more affordable homes, achieving more than it has accomplished in the past 2 decades in just 5 years.

CLI is committed to addressing the country’s 6.7 million housing backlog while expanding its affordable housing portfolio.

The bonds’ rates hinge on a construction schedule that will penalise CLI with higher rates if the targets are not met

 

Circular Economy Deal of the Year

SAEL Green Note Refinancing, India

Indian waste-to-energy producer SAEL Industries was selected by IJGlobal’s independent panel of judges to win the circular economy deal of year award for what one described as “an innovative deal and first of a kind green bond issuance”.

One of the judges added: “This is an interesting circular economy project including waste to energy which is not the easiest sector.”

Another said: “This financing was not only meant to support projects for renewables but also included waste to energy elements. The impact on ESG is a cut above others.”

Yet another said: “Strong investor response is a testimony to demand for well-structured deals in the market with additionality being brought on the table.”

SAEL used the proceeds of this bond issuance to refinance its portfolio of 3.1GW of solar and waste-to-energy projects, with its debut $305 million, 3-year senior secured green bond at a 7.80% coupon.

This marked the first green bond issuance by a renewable-plus-waste-to-energy player in India, positioning SAEL as a pioneer at the intersection of clean energy and circular economy.

Despite being a debut issuer and rated solely by Fitch at BB+ (stable), the bond attracted strong interest across ASIA, EMEA and US with final books exceeding $1.8 billion.

HSBC acted as the joint global coordinator and joint bookrunner, leading the Asia roadshow and managing execution logistics, working alongside Barclays, Standard Chartered Bank and UBS.

The transaction was issued under SAEL’s Green Finance Framework, reviewed by Sustainable Fitch, and aligns with green bond principles. It supports India’s climate goals while advancing circular economy through clean energy and waste-to-energy.

SAEL’s green bond delivers strong, multi-dimensional ESG impact by financing renewable energy and waste-to-energy infrastructure that directly supports India’s sustainability goals.

The circular economy impact is particularly notable, with WTE projects transforming agri-waste and municipal waste into energy, reducing environmental degradation and promoting local job creation.

It not only expands access to climate-aligned capital but also sets a new benchmark for ESG-linked financing in India’s renewable and waste-to-energy sectors.

 

Impact Deal of the Year

Wellington BESS – Aboriginal Community Equity Participation

Aboriginal engagement and involvement in AMPYR Australia’s Wellington Project – a 600MWh battery energy storage system (BESS) – wins the developer impact deal of the year in IJGlobal ESG Awards 2025.

The independent panel of judges was impressed by this deal with one describing the Wellington BESS in New South Wales as: “An important transaction, establishing a direct equity pathway for Aboriginal communities in major renewable energy projects.”

It was singled out for being “interesting for supporting social inclusion” and recognised for “impressively embedding ESG profiling to bring out the right elements to attract capital”.

The Wellington Project is part of the Central-West Orana Renewable Energy Zone (CWO REZ) which spans more than 20,000 square kilometres around Dubbo, Dunedoo and Mudgee in NSW.

CWO REZ aims to generate more than 6GW of renewable energy and attract $20 billion in private investment, creating some 5,000 jobs at peak construction.

Through this initiative, Wambal Bila Limited – representing the Wellington Aboriginal community – will hold a 5% preferred equity interest in the project.

This model is designed to provide both financial and non-financial benefits, including a steady income stream and opportunities to share in project revenues.

AMPYR Australia will also collaborate with Wambal Bila to help local people and businesses access employment and business opportunities, setting a new standard for community engagement in large-scale renewable energy projects.

This transaction is the first of its kind in the region, establishing a direct equity pathway for Aboriginal communities in major renewable energy projects.

The model grants a 5% preferred equity interest to Wambal Bila, an organisation comprising of members of the Wellington Aboriginal community, ensuring local ownership and participation.

The structure guarantees a steady income stream for the preference equity holder and allows it to share in project revenues.

By being accretive to project returns, the model demonstrates that social inclusion and financial performance can be mutually reinforcing.

According to the submission: “This approach is highly replicable and sets a new standard for community participation in any Australian renewable energy infrastructure projects.

“If widely adopted – as it has been in other jurisdictions abroad – it would generate long-term income streams, and build capacity and participation for a range of First Nations and indigenous communities.”

 

Indian Infrastructure Deal of the Year

AMPIN Energy Green Three Private Limited

AMPIN Energy was singled out by the ESG judging panel to win the infrastructure deal of the year for India based on what one judge called “strong social and governance impact”.

Another of the judges said: “This is a great illustration of the emergence of corporate PPAs in Asia, alongside directly quantifiable ESG impact.”

And another judge said: “This is a critical project delivering substantial and measurable ESG outcomes over its lifecycle.”

Headquartered in New Delhi, AMPIN Energy Transition is a leading renewable energy company in India, managing a 5GW portfolio across 23 states.

The group is backed by global institutional investors including LGT Lightrock, SMBC Bank, ICG, AIIB, Siemens Financial Services, Copenhagen Infrastructure Partners, and Sumitomo Corporation.

As part of its green future vision, AMPIN is developing an 83.9MW greenfield hybrid renewable energy project in Balai Village, Barmer District, Rajasthan, combining solar (50MWAC / 65MWDC) and wind (18.9MW).

This is being implemented through AMPIN Energy Green Three Private Limited, supplying clean energy to multiple states and key customers like Samsung India and Airtel via direct PPAs and merchant sales.

It supports India’s decarbonisation goals and AMPIN’s ambition to grow its portfolio to 25GW by 2030, aiding sectors like manufacturing and telecom in their green transition.

This transaction showcases several pioneering ESG innovations, blending financial structuring with deep environmental and social integration.

A standout feature was the implementation of a back-to-back PPA structure – AMPIN Energy Green Three Private Limited signed a PPA with AMPIN Markets Private Limited, which then executed a PPA with Samsung India.

This structure was supported by a tripartite trust and retention account (TRA) to safeguard cash flows and reinforce lender protection.

From a governance standpoint, the financing introduced loan tranching – funds were disbursed only upon PPA tie-ups for specific capacities – ensuring revenue certainty.

Additional features like put options, tight covenants, holdbacks, and a debt service reserve account (DSRA) offered robust downside protection.

The project integrated market analytics to assess merchant sales viability, incorporating tariff and capacity thresholds. Environmentally and socially, the financing framework adhered to IFC Performance Standards and Equator Principles, embedding international ESG norms in execution.

Social innovation was further exemplified through AMPIN’s Project Sahyog CSR programme, focusing on rural development.  Initiatives included school infrastructure upgrades, provision of digital tools, clean drinking water systems, and sports facilities – directly benefiting communities around the project site and promoting inclusive development.

The submission states: “Collectively, these features reflect a holistic ESG framework – addressing environmental impact, social responsibility, and governance best practices.

“The transaction sets a precedent for future renewable energy projects in India, demonstrating how innovative financing can be structured to deliver strong ESG outcomes while managing complex commercial and operational risks effectively.”

 

Nature Finance Deal of the Year

Coral Reef Ecosystems Protection, Indonesia

The debt-for-nature swap to protect coral reef ecosystems in Indonesia – primarily the pro-bono role played by White & Case – was chosen by the judges to win the nature finance ESG award.

One of the judges said: “This is an impactful transaction and that it was done on pro bono basis by White & Case should be amplified.”

Another of the judges said: “This is an interesting debt swap structure that is not often seen, with a strong maritime impact to protect coasts. It has a financial and sustainable impact to support this sector.”

A landmark $35 million debt-for-nature swap to protect Indonesia’s coral reef ecosystems was signed on 3 July 2024 by the US, Indonesia and leading environmental NGOs including Conservation International.

The transaction was structured under the Tropical Forest and Coral Reef Conservation Act (TFCCA) and it is the fourth such agreement with Indonesia, though the first focused primarily on marine biodiversity.

Over the next 9 years, the deal will redirect Indonesian sovereign debt repayments into conservation investments across 3 priority seascapes: Lesser-Sunda, Banda and Bird’s Head.

The project represents a critical step in preserving some of the world’s most biodiverse coral reefs while supporting Indonesia in achieving its climate and biodiversity goals.

White & Case advised Conservation International on this deal on a pro bono basis, continuing a nearly 20-year partnership.

The firm led the legal structuring and documentation of the transaction, ensuring compliance with US and Indonesian regulatory frameworks under the TFCCA.

The submission states: “Our team worked across jurisdictions and with multiple stakeholders – including the US and Indonesian governments and NGOs – to navigate complex sovereign debt, conservation finance, and ESG governance issues.

“Our legal expertise helped secure the redirection of $35 million into coral reef conservation initiatives and enabled Conservation International and its partners to establish strong legal and oversight mechanisms for the long-term deployment of funds and impact monitoring.”

It wins this ESG award as the first debt swap under TFCCA primarily focused on coral reef ecosystems, a significant evolution from the programme’s earlier terrestrial forest focus.

The deal structure innovatively redirected sovereign debt service into targeted marine conservation initiatives, aligning fiscal policy with ESG impact.

It includes the formation of a multi-stakeholder oversight committee composed of government, NGO, and civil society representatives – ensuring not only transparent fund governance but also a model for inclusive environmental decision-making.

White & Case’s legal guidance helped create enforceable conservation commitments within sovereign debt instruments, enabling legally binding sustainability outcomes from a typically commercial legal structure.

This work builds on the law firm’s role in nature finance innovation, which includes advising Gabon on its $500 million marine-focused debt-for-nature swap in 2023.

The project also integrated legal mechanisms to prioritise habitat connectivity, creation of new marine protected areas (MPAs), and conservation of globally threatened species, setting a new legal-financial standard for future debt-for-nature transactions.

 

Net Zero Deal of the Year

Wooreen Energy Storage, Australia

Wooreen Battery Energy Storage System (BESS) in Hazelwood North, Victoria, was chosen by the independent panel to win IJGlobal’s ESG award as Net Zero Deal of the Year.

One of the judges celebrated the role Wooreen BESS plays as “an important coal-replacement project” and the “critical role energy storage plays in helping achieve net zero”.

Another of the judges said: “Energy storage is critical to transitioning Australia off conventional fuels – which this project does. The role of batteries is important for grid stabilisation and they will play a critical complementary role to the energy transition.”

Wooreen is a 350MW / 1,400MWh (4-hour duration) utility scale battery, developed by EnergyAustralia (EA) – a subsidiary of China Light and Power.

The project – EA’s first 4-hour big battery in Victoria – is located in the Latrobe Valley in south east Victoria, 150km south east of Melbourne and a major emerging hot-spot for energy storage in Australia.

It is of significant importance since it is being developed to replace (in part) EA’s 1,450MW Yallourn coal-fired power station which is scheduled for retirement in mid-2028.

Located 13km from the Yallourn thermal plant, Wooreen BESS will play a key role in stabilising the power grid.

It is being constructed under a split contract delivery model managed by EA, with Wärtsilä as BESS supplier and O&M during the first 15 years of operations and Zenviron delivering the civil and electrical balance of plant.

Once completed in 2027, the system will be capable of powering 230,000 homes over a 4-hour period before needing to be recharged.

This capacity will help meet demand peaks while enabling more renewable energy to enter the electricity market, contributing to better customer energy outcomes.

The development of the Wooreen BESS is set to provide an economic boost to the Gippsland region, creating new local jobs during construction and operations.

It will also come with significant community benefit sharing, notably towards the Gunaikurnai aboriginal people in honour of whom the project was given the name Wooreen, meaning light.

 

PPP Award

New Melton Hospital PPP Sustainable Loan

The sustainable loan to finance the New Melton Hospital in Victoria was chosen to win the Asia Pacific PPP ESG award with one celebrating a sizeable PPP in “a well established in a highly bankable market”.

Another of the judges lauded New Melton Hospital PPP saying: “It’s great to see more PPP social infrastructure with tangible impacts in the community.”

Yet another judge said: “Healthcare PPPs are – by nature – complex and difficult to structure. To ensure it at the same time delivers ESG objectives is very impactful.”

The judging comments were rounded off with: “This was a high-profile sustainable infrastructure transaction and one of the largest infrastructure/PPPs on a non-recourse project financing in APAC region in 2024.”

New Melton Hospital is an availability based PPP procured by the State of Victoria for the design, construction, finance and maintenance of a new facility in Melton, 33km from Melbourne’s CBD.

The PPP concession was awarded to the Exemplar Health Consortium, consisting of Capella Capital (lead sponsor, financial adviser and asset management), Lendlease (construction and equity), Invesis (equity), Honeywell (facilities management) and Compass (facilities management).

Exemplar Health is also the concessionaire for the Frankston Hospital PPP that was procured by the State of Victoria in 2022 and is currently under construction.

The project was funded by a mix of private and public capital with debt being serviced by availability-based payments from the State of Victoria over a 25-year operating phase.

It was financed through a sustainable loan financing that was developed in accordance with the 4 core components of the principles.

It encompasses 3 eligible green project categories (green building / renewable energy & energy efficiency & clean transportation) and 1 eligible social project category (access to essential services – healthcare infrastructure) and is inclusive of stringent management of proceeds and annual use of proceeds and impact reporting rules.

The project incorporates a range of environmental and social features including a building certification of a 5-Star Green Star Rating, includes roof mounted solar PV and uses 91% local content for development activities.

Post construction completion in 2029, the project will be operated by Western Health and will have the initial capacity to treat 130,000 patients per annum from Melbourne’s western and associated regional areas.

The project will ease pressure and reduce waiting times at other busy Melbourne hospitals and provide an essential link with services at other hospitals to the west of Melbourne’s CBD.

It will support local jobs by creating 700 direct jobs and 1,700 indirect jobs during construction and is expected to generate 3,975 direct jobs on-site in its first full year of operations.

 

Renewable Energy Deal of the Year

Fengmiao 1 Offshore Wind Farm, Taiwan

Taiwan’s Fengmiao 1 Offshore Wind Farm (OWF) was chosen by the independent panel of judges to win the IJGlobal ESG award for overall Asia Pacific renewable energy deal of the year.

One of the judges celebrated an “innovative commercial structure” while another added that it “sets a new benchmark for offshore wind in Taiwan”.

Another of the judges said: “Fengmiao 1 has had a significant impact on the market – the first to close post uncertainty – and the first multi-party CPPA transaction in Taiwan. This is very much a first of its kind transaction in APAC.”

Fengmiao I OWF reached financial close in March, led by Copenhagen Infrastructure Partners (CIP) through Copenhagen Infrastructure V (CI V) for the 495MW facility 35km off the coast of Taichung, Taiwan.

It comprises 33 wind turbine generators of 15MW each, an offshore substation, 66KV inter-array cables, 220kV export cables and an onshore substation.

Fengmiao 1 is the first of Taiwan’s Round 3 projects to achieve financial close and commence construction, and it exemplifies the convergence of cutting-edge renewable energy technology with robust legal frameworks and financial strategies.

Prior to Fengmiao 1, all Taiwanese offshore wind projects entered into offtake arrangements with Taipower – the Taiwanese state-owned offtaker.

Establishing a market for multi-party CPPA backed offshore wind project was therefore critical to expanding the pool of offtakers – a key bankability consideration in the Taiwan market.

The precedent established by Fengmiao 1 not only supports the sustainability objectives of corporate offtakers, but also advances Taiwan’s energy transition.

By 2050, Taiwan aims to generate 60-70% of its electricity from renewable sources.

Offshore wind is playing a crucial role in Taiwan’s energy strategy, with the government targeting 20GW of offshore wind capacity by 2035 and 40-55GW by 2050.

CIP – as a key developer in the region – plays a pivotal role in assisting the Taiwan government achieve these objectives, as exemplified by Fengmiao 1.

Once operational, Fengmiao 1 is projected to reduce greenhouse gas (GHG) emissions by 1,235,821 tonnes each year.

At a social level, Fengmiao 1 creates hundreds of jobs locally (contributing to local economic growth in the Taichung district) and abroad.

CIP opened its Taiwan office in October 2017, employing a team of 150 professionals with expertise in engineering, technology, finance, environmental matters, and law.

The success of Fengmiao 1 also ensures the continued support and investment of market leaders like CIP. Fengmiao I is CIP’s third offshore wind project to be developed in Taiwan following the completion of construction of the Changfang & Xidao and Zhongneng projects in 2024.

The continued investment by CIP is critical in the achievement of Taiwan’s energy transition ambitions, as well ensure the continued support of sophisticated investors.

 

Renewable Energy Deal of the Year – Frontier Market

ACWA Power's Solar PV / BESS project in Tashkent, Uzbekistan

ACWA Power’s 200MW Riverside solar PV and 500MWh battery energy storage system (BESS) project in the Republic of Uzbekistan was chosen by the judges to win the frontier markets ESG award.

One judge described the project – the largest BESS in Central Asia – as “a landmark deal for the country” with another saying the submission has “clear demonstration of ESG at work”.

The $533 million Tashkent Solar PV Plant and BESS IPP saw ACWA Power and the JSC National Electrical Grid of Uzbekistan sign a 25-year PPA for the development, construction and operation of a 200MW photovoltaic plant including a BESS. JSC National Electric Grid of Uzbekistan acts as the sole offtaker.

The greenfield project is located in the Tashkent region and will be developed as a BOOT project with ACWA Power taking lead in the construction, engineering, operation and maintenance the plant.

It will improve the reliability of intermittent solar power generation in the country and it is core to Uzbekistan's ambition to generate 40% of its electricity from renewable energy sources by 2030.

the lender group for this project includes international financial institutions that are signatories of the Equator Principles, which require their borrowers to ensure compliance with the Equator Principles IV (2020).

As such, the project will implement these principle related to an environmental and social management system. IFC is not involved in the financing of the project, however ACWA Power’s internal policy is to comply with the IFC Performance Standards.

As part of the project, ACWA Power has implemented a robust framework of environmental and social issues including fundamental principles.

This includes specific policies related to environmental and social considerations – including labour, external stakeholders and affected communities.

It conducts assessment of environmental and social aspects and potential impacts, as early as possible for the construction, commissioning and operation phase planning, including the incorporation of environmental and social considerations into staffing requirements, process plans, programming, work orders, required authorisations, and site layout.

ACWA Power has initiated management strategies to achieve an overall reduction of risk to human wellbeing and the environment, focusing on the prevention of irreversible or significant impacts.

Workers have been prepared in advance, informing and co-operating with nearby communities and relevant stakeholders to respond to emergencies, accidents, including providing technical and financial resources to effectively control such events, and restoring workplace and community environments.

Further, it is working to improve environmental performance through a combination of ongoing monitoring of the facility’s performance and effective accountability.

 

Energy Storage Deal of the Year

Bungama Solar PV & BESS Project, New South Wales

The Bungama BESS in Port Pirie, South Australia, was chosen to win the ESG energy storage award based on its energy resilience impact and engagement with Aboriginal communities.

One of the judges recognised the achievement of reaching financial close on Bungama Solar PV Plant and BESS saying “non-recourse financing for fully merchant plants are difficult to achieve” while another added that “engagement with local people on this transaction has been impressive”.

Revera Energy’s (formerly Amp Energy) Bungama BESS is a landmark utility-scale energy storage project located some 6km east of Port Pirie, South Australia.

The first stage of the project will deliver a 150MW / 300MWh battery system designed to provide essential grid services such as frequency control ancillary services, fast frequency response, and energy arbitrage.

Construction started in October 2024, with commercial operations targeted for the first quarter of next year (Q1 2026).

The project is the first of its kind in Australia to secure non-recourse debt financing from commercial lenders on a fully merchant basis, marking a significant milestone for the Australian energy storage sector.

The submission states: “The Bungama BESS project is a pioneering example of ESG innovation in the Australian renewable energy sector.

“It is the first utility-scale battery energy storage system in the country to secure non-recourse debt financing from commercial lenders on a fully merchant basis, without reliance on long-term offtake agreements.

“This innovative financing structure demonstrates a new level of lender confidence in the merchant battery storage model, paving the way for future projects to access similar funding.

“The project also incorporates advanced technology through Wärtsilä’s GEMS digital energy platform, enabling intelligent power control and optimised energy management.

“By supporting grid stability and flexibility, Bungama BESS directly contributes to the decarbonisation of the Australian energy system and the integration of higher levels of renewable energy.”

Beyond supporting Australia’s transition to a low-carbon energy system by enabling greater penetration of renewable energy and reducing reliance on fossil fuel-based peaking plants, the battery system provides critical grid services, including frequency control and fast frequency response, which are essential for maintaining grid stability as renewable generation increases.

Socially, the project creates local employment opportunities during construction (70 people) and operation (20 people) and contributes to the economic development of the Port Pirie region.

The project has also entered into an Aboriginal Cultural Heritage Agreement and benefit sharing arrangement with the Nukunu Wapma Thura Aboriginal Corporation.

The innovative financing structure also sets a new precedent for the sector, encouraging further investment in merchant battery storage projects and accelerating the deployment of clean energy infrastructure.

Governance is strengthened through robust risk management, compliance with best practice standards, and transparent stakeholder engagement throughout the project lifecycle.

The project’s success demonstrates the viability of merchant battery storage in Australia, supporting the broader energy transition and delivering lasting benefits to the community and the environment.

 

Solar Deal of the Year

Actis Investment in Terra Solar, Philippines

The $600 million investment by Actis into the Philippines-based Terra Solar Project was selected by the independent panel of judges to win the ESG solar award based on the “demonstrated long term ESG impact of the investment”.

Another of the judges said: “The scale of this deal and its ESG significance makes this a unique transaction.”

The Terra Solar Project reached financial close at the end of November (2024) and Actis made its $600 million investment in what was the world's largest integrated solar and battery storage development in March (2025).

It is the acquisition of the 40% stake in Terra Solar that wins this ESG award on a project that delivers 3.6 million tonnes of CO2 emissions avoidance annually, clean energy for 2.4 million Philippine households, 10,000 new jobs… and it is the largest foreign direct investment for greenfield infrastructure in the Philippines.

The project combines 3.5GWp of solar capacity with 4.5GWh of battery energy storage across 3,500 hectares, establishing new benchmarks for integrated renewable energy and storage scale.

The 40% stake acquisition created a strategic partnership between Actis and Manila Electric Company (Meralco), demonstrating how international ESG capital can drive transformative clean energy development in emerging markets.

Milbank negotiated the integration of comprehensive international ESG principles into a major emerging market renewable energy investment, creating binding contractual requirements for safe working conditions, community impact assessment, and global best practice environmental management.

This established a framework for ensuring world-class ESG standards in markets where such requirements are not typically mandated.

The transaction required innovative legal approaches to navigate Philippine competition approval processes complicated by the simultaneous General Atlantic acquisition of Actis.

On the project itself, it utilised the Philippines' "green lane certificate" fast-track approval process, demonstrating how the team leveraged innovative government ESG incentive frameworks to accelerate project development.

 

Brownfield Deal of the Year

Geothermal Energy Deal of the Year

Sumitomo Corp, INPEX Corp & Supreme Energy – Muara Laboh Geothermal Power Plant Expansion, Indonesia

The expansion of Indonesia’s Muara Laboh Geothermal Power Plant wins both the ESG geothermal and brownfield deals of the year – scooping 2 trophies for a project that was popular with the independent panel of judges.

One of the judges celebrated financial close on the 82.7MW second phase of Muara Laboh Geothermal Plant as “a complex transaction and with ECAs” adding that it is “important to see more geothermal from Indonesia”.

Another of the judges said: “This is an important and market-making project for Indonesia. The blended financing nature of the project demonstrates how blended financing can be used.”

All judges agreed that – while the financing was market-evolving – the ESG components of this transaction stood out, not least for helping to diversity the nation’s energy sources.

PT Supreme Energy is a joint venture company owned by PT Supreme Energy, Sumitomo Corporation and INPEX Corporation. PT Supreme Energy was established in 2007 to develop the geothermal energy sector in Indonesia, and has partnered with the likes of Sumitomo Corporation, Enge and Marubeni Corporation to achieve these goals.

This second phase of Muara Laboh will expand the project’s generating capacity to around 170MW, doubling the current capacity.

Milbank advised sponsor – Latham & Watkins acted for the lenders – on the new financing agreements with ECAs and multilaterals which were signed on 10 January (2025) and on all aspects of the project development.

This included amendments to the existing PPA to reflect the expansion of the project, the new EPC contract with a consortium of Sumitomo Corporation, PT Inti Karya Persada Tehnik and PT Wasa Mitra Engineering, and numerous other construction and drilling contracts.

This involved complex structuring issues to meet the requirements of existing project loans that remain in place.

The expansion financing is being provided by JBIC, ADB, NEXI and 4 commercial banks – Hyakugo Bank, Mizuho, MUFG Bank and SMBC.

The additional capacity will be sold to PLN under a long term PPA and is expected to provide electricity to 760,000 households connected to the Sumatra grid and increase the contribution from renewables to Indonesia’s energy mix, reducing emissions by about 900,000 tons of CO2 per year.

The submission states: “The financing of this project marked a significant milestone as it involved mobilising private commercial capital with uncovered project risk for one of the first times in Indonesia’s greenfield geothermal independent power producer sector.

“It also involved innovative blended finance structures combining public and private sectors. This collaborative financing demonstrated a strong model for ESG-aligned infrastructure investment and the interplay and working together of the private and public sectors which is critical in advancing geothermal development.

“A key component was a $15 million concessional loan from the Australian Climate Finance Partnership (ACFP).

“ACFP is a concessional blended financing facility managed by Asian Development Bank (ADB) and funded by the Government of Australia.

“ACFP seeks to catalyse financing for private sector climate adaptation and mitigation investments in the Pacific and Southeast Asia, and address market gaps and demand by derisking high development impact projects and bringing them to market.

“As noted by ADB, investment in geothermal power can be challenging, making the support of ACFP and the government of Australia vital to mitigate risks and deliver a project that helps Indonesia to meet its clean energy targets and deliver affordable electricity.”

 

Sustainability-Linked Loan Deal of the Year

Aliro Sustainability-Linked Loan, Australia

Aliro Group’s $465.5 billion sustainability-linked loan to drive investments into renewable energy across Australia was chosen to win the ESG SLL deal of the year for the 2025 awards.

One of the judges said “It’s good to see property developers using an SLL to power their ESG goals” and another said it was “a key transaction with clear ESG KPIs”.

Aliro’s core industrial vehicle Aliro Group Industrial Vehicle (AGIV) signed its first SLL under its newly established Sustainability-Linked Financing Framework, jointly developed with ING.

The framework is in line with industry and international standards, including Green Bond Principles, Green Loan Principles and the EU Taxonomy.

The A$700 million transaction was tied to 3 KPIs – the installation of solar PV systems; an increased uptake of green leases; and the achievement of green building ratings.

ING supported Aliro in the SPO process and the SPO provider – DNV Australia – rates the KPIs and sustainability performance targets (SPTs) to be ambitious and material.

A key aspect of the transaction was demonstrating to the market that a 4 Star Green Star Design & As Built rating for the logistics sector under the updated Green Building Council of Australia (GBCA) rating tool meets the criteria of the EU Taxonomy.

While other institutions were hesitant to proceed with a 4 Star rating, ING was able to present a clear and compelling rationale that gained market confidence and enabled successful execution.

Aliro’s ESG strategy has been integrated across its business since 2022 and its commitment to sustainability can be seen from its ambitious target to achieve Net Zero emissions (across Scope 1 and 2) for all Aliro-owned assets by the end of this year (2025).

To accelerate decarbonisation for the group and across the industry, Aliro maintains a high level of tenant engagement to support their transition to green energy usage.

The setting of KPIs on solar installations, increasing uptake of green leases and green buildings, support Aliro in energy reduction and achieving its sustainability targets.

 

Transport Deal of the Year

HMM Co Sustainability-Linked Loans

HMM Co Ltd – Korea’s flagship container liner operator – was chosen to win the transport deal of the year for a series of sustainability linked loans on which ING Bank played a significant role.

As one of the judges said: “Shipping is a heavy emissions sector, so it is good to see sustainability linked loans in this space.”

Another recognised HMMM for “contributing to the decarbonisation of one of the hard to abate sector” and another labelled them “very important transactions”.

ING supported HMM as sole sustainability coordinator and joint sustainability coordinator on 3 consecutive SLLs from September 2024 to March 2025 – all of which fall within the judging period.

The September 2024 SLL was for $103 million and followed in January 2025 with a $415 million SLL, and then in March with a $152 million SLL.

Out of the 3, one SLL was for container leasing financing while the other 2 were for vessel financings.

These SLLs were anchored by 2 Key KPIs – the annual efficiency ratio (AER) of HMM-owned vessels, calculated using the updated methodology from the International Maritime Organization (IMO) and the Poseidon Principles, and the company’s EcoVadis ESG rating.

The AER of a ship is a measure of its emission intensity metric and is aligned with the IMO.

HMM achieved a Platinum rating from EcoVadis – placing it in the top 1% of companies.

The submission states: “It is worth noting that this percentile rank is calculated across all companies in all industries, not per industry.

“Considering that HMM is a shipping (heavy emitting) company, it is extremely commendable to be awarded the Platinum rating.

“This rating reflects the strength of HMM’s sustainability management system, and the success of the well-structured SLL.

“The KPIs incentivised HMM to improve its sustainability management and policies such that they were awarded a Platinum rating.

“It is worth noting that HMM has made significant progress, garnering a Silver in 2021 and making significant improvements to achieve Gold in 2022, and finally Platinum in 2023.”

 

Indian Transportation Deal of the Year

Shriram Finance Multi-Currency Loan, 2025

An HSBC-backed multi-currency loan by Shriram Finance was chosen by the independent panel of judges to win the Indian ESG transport deal of the year at IJGlobal ESG Awards 2025.

One of the judges said: “Social loans are often overlooked for more economic sector. However, this deal is a cut above the rest.”

Another described the €493 million transaction as “a solid social loan”.

HSBC acted as the MLA, original lender, sole ECA coordinator, documentation bank and facility agent across the €393 million and $100 million 10-year SACE Push social loan facility to Shriram Finance Ltd (SFL).

The loan was backed by 5 international banks, with HSBC leading coordination and execution.

Proceeds will be used by SFL for on-lending to finance and refinance vehicles and equipment for underserved borrower segments.

Structured as a social loan, the facility aligns with SFL’s mission of empowering small business owners and supporting job creation, particularly among lower-income groups and women.

SFL is one of India’s largest retail-focused non-banking financial institutions (NBFIs), with around $28 billion AUM and a diversified lending portfolio supporting road transport operators, MSMEs and rural borrowers.

This 10-year loan represents the largest SACE-covered loan facility ever raised by a NBFI from India.

The transaction stands out as an ESG innovation through the integration of SACE Push untied programme support with a socially impactful on-lending programme – creating a first-of-its kind long-term social loan for an Indian NBFI.

The submission states: “What makes the deal particularly innovative is its dual alignment – with both ECA backed financing structure and social financing framework – enabling international capital flow towards financial inclusion and employment generation.

“The social loan designation allows SFL to on-lend to underserved populations, including lower-income groups, women and small business owners, creating measurable socio-economic uplift.

“This transaction advances a new template for how ECA-backed facilities can support inclusive growth while adhering to global ESG standards – delivering innovation not just in product, but in purpose.”

 

Energy Transition Deal of the Year

SAFCO Sheikhupura SAF Plant, Pakistan

Financing of SAFCO’s sustainable aviation fuel (SAF) plant in Sheikhupura, Pakistan, was chosen by the judges to win the IJGlobal ESG Awards 2025 trophy for energy transition.

One of the judges lauded the $252 million project as a “hugely important and innovative transaction in the SAF sector” with another adding: “It sets a precedent to unlock further financings in future.”

Yet another judge said: “The innovative nature of the alternative fuel and use of blended financing creates a benchmark for future projects.”

The judging comments were rounded off with: “SAF technology and financing is challenging. ADB managed to lock in end-to-end advisory, including offtake agreements – definitely a structure to replicate in other emerging / under-developed economies.”

The plant is located in an industrial area of the Lahore district of Pakistan, in the Punjab.

It will produce renewable jet fuel to international standards, bio-naphtha (12.5% of total production), and bio-propane gas (less than 2.5% of total production).

Feedstock includes used cooking oil (UCO), poultry feather acid oil, and soap stock acid oil.

The bio-propane gas produced will be reused to provide fuel to the SAF facility, while the jet fuel and bio-naphtha will be exported under a 5-year offtake agreement with Shell International Eastern Trading Company (SIETCO).

Construction is expected to take up to 20 months to complete with operations expected to start by September 2026.

SAF can reduce lifecycle greenhouse gas (GHG) emissions by up to 94% compared to conventional jet fuel.

The transport sector accounts for about a quarter of GHG emissions, with aviation contributing 13.9% of these emissions, making it the second-largest source of emissions in the sector after road transport.

The new 200,000 tons-per-annum (TPA) facility in Sheikhupura will collect 250,000 tons of feedstock oil annually and convert it into SAF, helping to reduce more than 500,000 tons of CO2 annually.

It is also expected to create 300 direct jobs through the transfer of technology and technical training and lead to an estimated 20,000 indirect jobs in the waste-to-fuel value chain, while generating foreign exchange revenue for Pakistan through SAF exports.

The Asian Development Bank (ADB) provided a $86.2 million financial package $41.2 million from ADB’s ordinary capital resources (OCR) and, $45 million in syndicated loans including B-loans from the Emerging Africa and Asia Infrastructure Fund.

Meanwhile, the IFC provide up to $35 million – $30 million equity and $5 million debt – to SAFCO Venture Holdings Limited (SAFCO Ventures) to establish Pakistan’s first greenfield SAF facility. 

IFC’s investment, mostly in the form of long-term patient equity capital, has been instrumental in anchoring this project and financing a nascent sector. The project is expected to help promote a circular economy in Pakistan, create jobs, and support export-led growth.