Renewable Energy

Over $3bn green bonds issued in Oct already! $1.25bn by EDF; $994.5m+ by Agricultural Bank of China; another DC Water GB $100m, repeated issuances, gossip and more!

Wow! What a great start to Q4; issuance is gearing up for Paris! A wide range of issuers are pumping more green bonds into the market - both repeat issuers and new comers from Asia, Plus, we have analysis on what the CarbonCount metric means for investors and as always analysis on the green credentials of some recent issues. 


Green Asset Backed Securities (ABS)

Finally Europe’s first high yield green bonds! Abengoa issues 2x 5yr bonds for a total of EUR500m ($340m) – ‘B’ & ‘NotRated’. Moving down the ratings is a sign of the green bonds market maturing

Abengoa Greenfield S.A, a subsidiary of Abengoa S.A., has issued two green high-yield bonds (i.e. below investment-grade) for a total of EUR500m equivalent. For those of you unfamiliar with the company, Abengoa’s operations are focused on renewable energy (solar and biofuels), electricity transmission, energy IT systems, desalination and wastewater treatment.

10 tweaks to transform the green economy

An agenda for change, by Nick Silver, Managing Director, Climate Bonds Initiative

To avoid dangerous climate change will require the equivalent of another industrial revolution. This can only be achieved if finance into the green economy is increased by an order of magnitude. This may be possible as many low carbon technologies are competitive with fossil fuel if the cost of finance is low enough

$50m solar bonds from HK’s GoldPoly / UK’s Good Energy goes retail w £5m bond / PACE bonds update / Philippines FirstGen $250m – it could have been green

Two new corporate climate-related bonds were issued this week.

The first, by Hong Kong-listed polysilicon producer Gold Poly, was a $50m convertible bond to finance the solar business of its project acquisition subsidiary China Solar Power Group. The bond is a 3 year bond with a 5% coupon.