Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds. Rigorous scientific criteria ensure that it is consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

Terna Energy

 

This is the first Certification to be awarded to an issuer based in Greece. The issuer is a subsidiary of GEK Terna, which is a top 25 largest company listed on the Athens Stock Exchange. Terna Energy is a renewable energy developer and owner.

As of September 2019, Terna Energy has a portfolio of 651MW of wind generation across 4 different sites in the US. In total, it currently has 1.36GW of wind generation installed worldwide, including in Greece.

This is also the first Certification attached to a wind farm in the United States.

 

The proceeds will be used to finance and refinance the development of wind farms across Greece and the US.

The sites in Greece have a combined installed capacity of 218 MW and a development cost of EUR 289 million (USD 318 million).

The Bearkat wind farm in Texas has an installed capacity of (197 MW) and a development cost of $255 million.

 

DATE OF ISSUE

TYPE OF INSTRUMENT

SIZE

TENOR

JURISDICTION OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
October 2019 Use of Proceeds Bond EUR 150 million (USD 167 million) 7 years Greece Wind Pre Issuance Verification  

Terna Energy press release

EBRD press release