GSS Bonds

Symbiotics Investments provides a USD 9 million Green Bond for Gia Lai Electricity Joint Stock Company in Vietnam

January 18, 2023

Symbiotics Investments has arranged a USD 9 million (VND 212 billion) green bond for Gia Lai Electricity Joint Stock Company “GEC” in Vietnam.

GEC, a subsidiary of TTC Group, is a leading renewable energy company in Vietnam and is listed on the Ho Chi Minh City Stock Exchange. With a capacity of approximately 750 MWp, including projects in operation under construction, the company owns and operates small-scale hydro, solar, and wind power projects, and is targeting to increase its portfolio to 1,700 MWp by 2025. GEC plays an important role in Vietnam’s energy transition story, as it increasingly seeks to meet its growing electricity demand through renewable energy sources.

Through the proceeds of this bond, GEC showcases its ability to align with the internationally accepted International Capital Market Association Green Bond Principles “ICMA GBP”. The green bond proceeds will be utilized by GEC to inject equity to subsidiaries and project companies for the construction and/or maintenance of new or existing renewable energy projects.

Combating climate change demands solutions attuned to ground realities, and the ground reality of green energy development requires the availability of green funds. These core factors resonate with TTC/GEC and accompany our joint commitment with Symbiotics Investments to optimize capital towards potential development opportunities in renewable energy in Vietnam.“, said Mr. Dang Van Thanh, Chairman of TTC Group.

Vincent Lehner, Head of Markets Division at Symbiotics Investments, stated: “This transaction is Symbiotics Investments’ first direct investment in clean energy in Southeast Asia and highlights our investors’ growing interest in supporting renewable energy opportunities worldwide. GEC is one of the top developers in Vietnam and we are very proud to start this partnership to support its growth plans in the coming years.

The following SDG is promoted with this green bond issuance:

This green bond is issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019 and November 2021 by DNV GL. The bond is listed on the Securities Official List of the Luxembourg Stock Exchange and displayed on the Luxembourg Green Exchange, in the Green Bond section.

Link to the Sustainable Bond Framework for Symbiotics


About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,100 investments representing more than USD 7.5 billion for 541 companies in 94 countries.

About GEC
Founded in 1989, GEC is a subsidiary of TTC Group, a diversified private conglomerate, with total assets of USD 3.5 billion. From a state-owned enterprise with only 1.2 MW of hydro power, GEC has now grown into one of the leading renewable energy companies including hydro power, solar power, solar rooftop, and wind power with 23 plants in operation and under construction with a capacity of approximately 750 MWp. Accumulated from 2010 to 2022, GEC produced 5.1 billion kWh for the national grid, reduced emissions by up to 9.6 million tons of CO2, and generated electricity for more than 3.2 million households. GEC shares are listed on the VNSI Index (20 most sustainable enterprises in the VN100 Index – 100 listed enterprises with the largest market capitalization on the Ho Chi Minh City Stock Exchange).


For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics

Huynh Quoc Thang, Investor Relations Director, GEC