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Japan Pulls Back from Coal, Though New Plants Move Forward
Japanese financial institutions and energy companies continue to move away from supporting coal-fired power generation, as the country’s leadership reiterates what it says is an “unwavering resolve to decarbonize.” Several of the country’s investment banks and other financial institutions have signaled their unwillingness to continue support of coal projects, and energy major Mitsubishi in late February said it is pulling out of the $2 billion, 2-GW coal-fired Vinh Tan 3 power plant project in Vietnam, marking its first exit from a coal project. Mitsui & Co. has told Indonesian officials it plans to sell its stake in Paiton Energy, an independent power producer in Indonesia that operates coal-fired plants.
IJGlobal Awards 2020 – Asia Pacific Judging Team | News ijglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ijglobal.com Daily Mail and Mail on Sunday newspapers.
Bookrunners: Citi, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered
Co-managers: Danareksa Skuritas and Timegah Sekuritas Indonesia
The Covid-19 pandemic fundamentally altered people’s way of life this year. Its impact also seeped into Asia’s bond market, forcing borrowers to adapt and find ways to use the capital markets to combat the impact of the coronavirus.
In April, the Indonesian sovereign led the way in raising funds from the international bond market to fight against the virus.
Indonesia s transaction, which was split between a 10.5 year bond, a 30.5 year tranche and a 50 year note, was not explicitly labelled a Covid bond. But the country’s ministry of finance made it clear to investors that the proceeds would help stimulate the economy and provide relief for those hit the hardest by the virus.