Inaugural issuance under EEW’s EUR200m MTN programme arranged by Zenzic Partners awarded green bond certification

The first Series (2019-EEW1) of EUR25 million issued by EEW Capital Finance PLC (EEW), under the EUR200 million Secured Medium-Term Note (MTN) Programme, to fund the acquisition and development of solar power projects, has now been independently certified as a “Green Bond” and listed on the “Green” segment of Euronext Dublin.

The Programme was arranged by Zenzic Partners Limited (Zenzic) – a leading provider of alternative investment and advisory services – on 15 August 2019 on behalf of EEW Eco Energy World Holdings Limited. 2019-EEW1 was awarded the “Green” certification by The Climate Bonds Standard Board (CBSB), following independent verification by Institutional Shareholder Services Inc. (ISS ESG). The certification verifies that the bond conforms to the CBI Taxonomy, and can be considered as a “Green Bond” – marking the first time EEW has issued a PV Portfolio Development Bond with a “Green” label.

As a result, the bond has now been updated to include the CBI label and its listing was moved to the “Green” segment of Euronext Dublin on 14th January 2020 – making it now accessible as a green investment for any climate responsible investors.
 
Svante Kumlin, Chairman of EEW, says: “The green certification marks a confirmation of EEW’s continued commitment to support decarbonisation through the development of utility scale solar projects globally. The proceeds of the bond will go towards developing EEW’s global portfolio of solar assets. A number of the projects are located in Australia, which is currently experiencing the disastrous consequences of a lack of climate change policy”.
 
Robert Ainscow, Head of Capital Markets at Zenzic, which acted as Arranger to the Issuer, says: “The green certification, and the shift to the “Green” segment of Euronext Dublin again demonstrates Zenzic’s ability to provide capital markets advice to new Issuers in the market. This certification also marks an important step in demonstrating EEW’s commitment to sustainability. The Structure of the Programme delivers a measured exposure to fully developed Solar PV Projects under a borrowing base mechanism, providing investors with certainty over the value of the liquid collateral security pool and diversification of risk, while the developer benefits from the ability to build on its impressive track record with the flexibility to develop its entire inventory of Solar PV Projects creating an expanding collateral pool.”