Cambodia Investment Review
SchneiTec Dynamics’ pioneering renewable energy bond has been recognised by IFR Asia as the Frontier Markets Deal of the Year 2025, marking a significant milestone for Cambodia’s developing capital markets and sustainable finance sector.
The award was presented in Hong Kong, where Dara Sim, Managing Director and Head of Research at Yuanta Securities (Cambodia) Plc., accepted the recognition on behalf of the company.
Yuanta played a leading role in the transaction, which became Cambodia’s first-ever project bond and one of the most closely watched debt market deals in the country’s recent financial history.
“We are honored to receive this recognition, which validates our efforts to bring innovation to the Cambodian capital markets,” Dara said. “This project bond serves as a blueprint for future infrastructure deals, showing how private capital can be effectively mobilized for national development.”
Landmark Deal For Cambodia
Issued in March 2025 and listed on the Cambodia Securities Exchange, the bond raised KHR196.64 billion, equivalent to around $49 million, to finance Cambodia’s first utility-scale solar photovoltaic plant with battery storage in Kampong Chhnang province.
The project has a generation capacity of 60MWac and operates under a 20-year power purchase agreement with Électricité du Cambodge, providing the predictable long-term cash flows needed for project bond financing.
The transaction also set a new benchmark in Cambodia’s bond market as the country’s longest- tenor corporate bond to date, with a 15-year maturity.
KT Han, CEO of Yuanta Securities (Cambodia) also commented that: “This IFR Asia award is a proud milestone for Yuanta Securities. By pioneering Cambodia’s first-ever project bond—a 15-year green bond—we’ve set a new benchmark for infrastructure and renewable energy financing in the Kingdom. We remain dedicated to bridging global expertise with Cambodia’s economic potential to drive further innovation in our capital markets.”
CGIF Helped Structure And Guarantee Deal
At the centre of the transaction was the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank established by ASEAN+3 economies.
CGIF Chief Executive Noriko Nasu said the institution was created to help develop local currency and regional bond markets across the region, with paid-in capital of $1.16 billion.
Since launching guarantee operations in 2012, CGIF has surpassed $1 billion in cumulative guarantees for thematic bonds including green, social and sustainability-linked debt, according to Nasu.
She added that credit guarantees can play an important role in helping issuers in emerging and frontier markets access long-term capital for renewable energy and infrastructure projects that may otherwise struggle to secure traditional financing.
Yuanta Signals More To Come
Yuanta said the award reinforces its long-term commitment to supporting Cambodia’s infrastructure development and bridging international financing expertise with the Kingdom’s growing energy needs.
“Our journey does not stop here,” Dara said. “Building on the experience and technical expertise gained from this transaction, we are already progressing new opportunities, including another landmark deal that we hope will continue raising standards in frontier markets.”
The recognition is expected to further raise Cambodia’s profile among regional and international investors seeking exposure to frontier market opportunities, particularly in sectors linked to energy transition and long-term infrastructure growth.
