EDC prices $500M green bond in boost for Canadian cleantech
by Cleantech Canada Staff
The new issue will support sustainable companies working to scale up their businesses; it follows two previous green bonds in 2014 and 2015
Northland Power’s Nordsee One wind farm, which is under construction off the coast of Germany, is one of the projects supported by the EDC’s green bond program. PHOTO: Nordsee One
OTTAWA—Export Development Canada has issued its third and largest green bond aimed at propping up sustainable Canadian businesses.
The 1.625 per cent fixed-rate bond is priced at US$500 million and follows the trade financier’s two previous $300 million green bond issues in 2014 and 2015.
“This is our largest Green Bond yet, which reflects the increasing demand for sustainable investment products within the international capital markets community,” said Ken Kember, a senior vice-president and CFO of EDC.
“Green Bonds are just one example of EDC’s contribution to international climate change objectives, and our alignment with broader industry trends towards low carbon and climate-resilient technologies,” he added.
The proceeds will go toward supporting EDC’s portfolio of green assets, including providing financing or loan guarantees for Canadian cleantech companies scaling up their businesses.
Northland Power Inc.’s Nordsee One wind farm, which is currently under construction off the coast of Germany, and BioAmber Inc.’s succinic acid plant in Sarnia, Ont. are among the projects supported by the EDC green bond program.
The bond offering is expected to close June 1.
