Phnom Penh, Cambodia, April 11, 2025 –SchneiTec Dynamic announces the issuance of a 15-year green bond worth KHR 196.64 billion (approximately USD 49.16 million) to finance a 60 MW solar photovoltaic power plant at today’s official listing ceremony at the Cambodia Securities Exchange (CSX).

The issuance comprises of three tranches: two CGIF-guaranteed green bonds—KHR 60 billion (~USD 15 million) with a floating rate coupon and KHR 80 billion (~USD 20 million) with a floating rate coupon featuring a floor and cap—as well as an unguaranteed green bond of KHR 56.64 billion (~USD 14.16 million).

Located in Kampong Chhnang province, this solar plant is expected to contribute to the reduction of greenhouse gas emissions by 85,955 metric tons of CO₂ equivalent annually while generating approximately 130 GWh of clean energy per year for the national grid and creating at least 450 green jobs.

H.E. Sou Socheat, Director General of the Securities Exchange Regulator of Cambodia (SERC), stated, “This successful issuance reflects the growing confidence in our capital markets while demonstrating our commitment to supporting investments that advance social and environmental goals. I also would like to thank international partners, including UN ESCAP, Global Green Growth Institute (GGGI), CGIF, GuarantCo, and Government of the Grand Duchy of Luxembourg for providing technical supports that contribute to the maturity of Cambodia’s sustainable bond market.”

Dr. Heng Socheat, Chief Executive Officer of SchneiTec Dynamic, said, “With the successful listing of our bonds today, we are now in a stronger position to access the capital markets, accelerating the growth of our renewable energy projects. This will allow us to expand our clean energy solutions, reduce reliance on traditional energy sources, and contribute to a more sustainable future for Cambodia.”

Following the first successful bond listing last year by Royal Group Phnom Penh SEZ, this issuance marks another milestone under the Cambodia Sustainable Bond Accelerator Program (CSBA). The CSBA is a joint initiative led by the Securities and Exchange Regulator of Cambodia (SERC), GGGI, and UN ESCAP, in partnership with CGIF and GuarantCo. Through this program, SchneiTec Dynamic was selected to receive technical assistance, issuance support, and enhanced investment mechanisms such as credit enhancement.

Mr. Hamza Ali Malik, Director of Macroeconomic Policy and Financing for Development Division at ESCAP, shared that “ESCAP is proud to have conceptualized and initiated the Cambodia Sustainable Bond Accelerator, which has now enabled yet another landmark green bond issuance. This successful transaction not only demonstrates the power of blended finance in catalyzing climate mitigation projects in Cambodia, but also stands as an outstanding example of government, private sector, and development partner coordination around a shared sustainability goal. We are deeply grateful to the Government of Cambodia and our partners for their continued collaboration in building a more resilient and green financial ecosystem in Cambodia and the region.”

Ms. Shomi Kim, GGGI Cambodia Country Representative, remarked, “Over the past two years, we have witnessed the rapid eco-system development and increased awareness of Cambodia’s sustainable financing. This has been a significant journey to promote sustainable financing through the Sustainable Bond Accelerator Program which is also co-funded by the government of the Grand Duchy of Luxembourg through the Global Trust Fund on Sustainable Finance Instruments (GTF).” Ms. Shomi Kim also added that by aligning with international best practices and demonstrating a strong commitment to green investment, SchneiTec Dynamic is not only mobilizing capital for green projects but also setting a precedent for future issuers in the country.

The official listing on the Cambodia Securities Exchange (CSX) took place this morning, accompanied by the presentation of the bond listing certificate and bond trophy, as well as remarks by H.E. Dr. Hean Sahib, Secretary of State, Ministry of Economy and Finance, representatives of the Cambodia Bond Accelerator Program, Cambodia Securities Exchange (CSX), the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB) and SchneiTec Dynamic.

Mr. Hongwei Wang, Chief Executive Officer of CGIF, stated, “This isn’t just another bond issuance—it’s a landmark moment for Cambodia. With CGIF’s support, it demonstrates that well-structured bonds can mobilize both domestic and foreign long-term capital for Cambodia’s critical infrastructure and sustainable development.” Mr. Wang further adds, “The innovative multi-tranche structure expanded the investor base by catering to different risk appetites, attracting local and foreign banks as well as life insurance companies. CGIF’s role extended beyond credit enhancement; we acted as the anchor creditor, leading due diligence, structuring, and documentation to align the transaction with international project finance standards. This approach instilled confidence among offshore and onshore investors, enabling their participation in the unguaranteed tranche despite perceived country risks in Cambodia. With this success, we believe this structure can be replicated in other frontier markets across ASEAN.

This green bond is also backed by a Green Bond Framework that aligns with local, regional and international standards such as the Green Bond Principles (GBP) of the International Capital Market Association (ICMA), the ASEAN Green Bond Standards (GBS) of the ASEAN Capital Market Forum (ACMF), and the Guidelines on the Issuance of Green, Social and Sustainable Bonds by SERC. Importantly, this green bond has received a ‘Dark Green’ assessment under S&P Global’s Shades of Green methodology (Second Party Opinion)—indicating that the financed activities strongly align with the long-term vision of a low-carbon and climate-resilient future. This independent evaluation underscores SchneiTec Dynamic’s commitment to transparency and environmental integrity.

(Photo by SchneiTec Dynamic)

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For media inquiries, please contact:

Credit Guarantee and Investment Facility (CGIF)
Mr. Munho Choi, Senior Investment Specialist,
E-mail: mchoi@cgif-abmi.org

Security Exchange Regulator of Cambodia
Ms. Sorn Sonita, Deputy head of securities issuance and disclosure document division
Phone: (855) 70 27 14 23 | E-mail: s_sonita@serc.gov.kh

SchneiTec Dynamic
Kim Sean Somatra (PhD), Vice President,
Phone: (855) 89 526 272 | E-mail: kimseansomatra@schneitec.com.kh

GGGI Cambodia
Mr. Sut Samedy, Senior Investment Officer,
E-mail: sut.samedy@gggi.org

ESCAP
E-mail: escap-scas@un.org

GuarantCo
Ms. Alison Hicks,
E-mail: alison.hicks@pidg.org

Note to Editors: 

About Cambodia Sustainable Bond Program
Launched in February 2023, the Cambodia Sustainable Bond Accelerator initiative builds on the UNESCAP, GGGI, SERC, CGIF and GuarantCo, partnership which aims to accelerate the development of Cambodia’s green and sustainable bond market and associated policies, tools and mechanisms to facilitate financing towards climate mitigation and adaptation initiatives. Through a series of targeted measures focusing on both issuance and post-issuance processes, the partnership will contribute to enhancing the ability and interest of issuers in Cambodia to move from traditional bond issuance to green, sustainability and sustainability-linked issuance, and ultimately expand climate related investments in Cambodia. Selected private issuers would be provided with:

• Technical Assistance and Support: Issuance support based on best practices and international standards, review of green and sustainability bond framework and capacity building.
• Financial support: cost-sharing support for the second-party opinion and other issuance costs
• Investment support: support for roadshows, connecting to investors, and credit enhancement where feasible.

About GGGI
The Global Green Growth Institute (GGGI) was founded as a treaty-based international, inter-governmental organization in 2012 at the United Nations Conference on Sustainable Development. GGGI supports its Member States in transitioning their economies toward a green growth model that simultaneously achieves poverty reduction, social inclusion, environmental sustainability, and economic growth. With 50 Member States and 29 Partner countries and regional integration organizations in the process of accession, GGGI delivers programs and projects in over 51 countries. GGGI’s work contributes to its Member States’ efforts to fulfill the Sustainable Development Goals and the Nationally Determined Contributions to the Paris Agreement.

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For more information, visit: https://gggi.org

About Global Trust Fund on Sustainable Finance Instruments
Created in 2023 with the support of the Government of the Grand Duchy of Luxemburg, the GTF aims to close the development financing gap by leveraging the capital market’s potential to promote climate change mitigation and adaptation by setting in place policy incentives and de-risking measures to direct bond proceeds towards low carbon resilient projects and initiatives. With GTF’s support, GGGI provides technical assistance which aims to strengthen the national green finance ecosystem of a minimum of 10 developing countries through the development of policy frameworks across six countries and training 400 private and public sector sustainable finance experts. GGGI will deliver pre- and post-issuance and credit enhancement support to up to 15 potential issuers, leading to an expected 10 thematic bond issuances raising USD 2 billion earmarked to NDC targets. The program’s direct capital mobilization will contribute to avoidance of 130MtCO2 emissions, enhance the climate change resilience of 2 million people, and support the creation of 400,000 green jobs. Luxembourg Stock Exchange (LuxSE) is one of the strategic implementing partners of the GTF.

About ESCAP
The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.

The ESCAP secretariat supports inclusive, resilient and sustainable development in the region by generating action-oriented knowledge, and by providing technical assistance and capacity-building services in support of national development objectives, regional agreements and the implementation of the 2030 Agenda for Sustainable Development.

About SERC
The Securities and Exchange Regulator of Cambodia (SERC) is responsible for regulating, supervising and developing the securities market in Cambodia. More information about the SERC is available on www.serc.gov.kh.

About CGIF
CGIF is a multilateral facility established by the Association of Southeast Asian Nations (“ASEAN”) members, China, Japan, Korea (“ASEAN+3”) and Asian Development Bank (“ADB”). It is established as a trust fund of ADB with paid-in capital of USD1,158 million from its Contributors. As a key component of the Asian Bond Markets Initiative (“ABMI”), CGIF was established to develop and strengthen local currency and regional bond markets in the ASEAN+3 region. CGIF commenced its guarantee operations on 1 May 2012 and seeks to provide credit enhancements, mainly in local currencies, issued by credit worthy ASEAN+3-domiciled bond issuers.

About GuarantCo
GuarantCo mobilises private sector local currency investment for infrastructure projects and supports the development of financial markets in lower income countries across Africa and Asia. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the United Kingdom, Switzerland, Australia and Sweden, through the PIDG Trust, the Netherlands, through FMO and the PIDG Trust, France through a stand-by facility and Global Affairs Canada through a repayable facility. GuarantCo is rated AA- by Fitch and A1 by Moody’s. Since 2005, GuarantCo has enabled USD 6.8 billion of total investment and USD 5.7 billion of private sector investment, giving 44.7 million people improved access to infrastructure and creating around 243,000 jobs. GuarantCo’s activities are managed by GuarantCo Management Company which is part of Cardano Development. To find out more visit: www.guarantco.com

About SchneiTec Dynamic
SchneiTec Dynamic Co., Ltd. (“SchneiTec Dynamic”) is a Cambodian-owned Special Purpose Company established for the development of a 60 MW solar photovoltaic power plant with a Battery Energy Storage System (BESS), located in Kampong Chhnang province, Cambodia.