Certification

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

 

Acorn Holdings

 

Acorn Holdings is a property development firm based in the East Africa. Its previous developments have included commercial properties in Kenya. Since 2015, it has focused its activities on developing good quality rental accommodation for students and young professionals in Nairobi. 

The proceeds of the bond will be used to finance the construction of residential buildings across 6 developments in Nairobi. These developments are expected to be completed in 2020 and 2021. They will provide several thousand rental housing units for students and young people in general.

The buildings have received EDGE Certification and, therefore, meet the requirements of the Low Carbon Buildings Residential Criteria.

 

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CLIMATE BONDS SECTOR CRITERIA

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ANNUAL REPORT FURTHER INFORMATION
October 2019 Use of Proceeds Bond KES 4.3 billion (USD 41.5 million) 5 years Kenya Low Carbon Buildings (Residential) Pre Issuance Verification  

Reuters news article

CBI blog

Guarantco Press Release

Acorn Holdings webpage

Green Bond Framework