Reykjavik Energy (OR) Lists its First Green Bonds on Nasdaq Iceland
Nasdaq (Nasdaq: NDAQ) today announced that Reykjavik Energy (OR) has listed its first green bond series on Nasdaq Iceland’s sustainable bond market. The bond series currently have an outstanding nominal amount of about ISK 7.5 billion and a maturity of 36 years. The first issuance in the bond series was on 18 February 2019. OR intends to continue to issue bonds in the series in the coming years.
Reykjavik Energy has established Reykjavik Energy Green Bond Framework for OR‘s green bond issuance. Reykjavik Energy Green Bond Framework. The framework is in line with the Green Bond Principles (GBP) issued by the International Capital Market Association (ICMA). Furthermore, OR´s Green Bond Framework is rated Dark Green by CICERO shades of green, a global market leader in green bond second opinions. CICERO shades of green furthermore rated the governance structure in the framework as excellent and confirmed that the framework is in alignment with the Green Bond Principles. The proceeds from the Green Bonds will be used to finance or refinance projects that have environmental benefits, like renewable energy, energy distribution and management and sustainable water and wastewater management.
ˮWe are very pleased and proud to see how well our first issuance of green bonds has been received.” said Bjarni Bjarnason, CEO at OR. “Demand has been high for the green bonds, showing strong investor support for green, climate positive projects. Operating an environmentally and socially sustainable business constitutes the foundation of OR´s long-term strategy and this issuance is a major step in integrating funding, social responsibility and joint efforts in battling environmental and climate change.”
“We congratulate OR on this important milestone.” said Magnus Hardarson, Vice President at Nasdaq Iceland. “OR’s addition to our sustainable bond market demonstrates continued growth in the market as we have seen strong interest from both investors and issuers in this respect. We anticipate more issuers to follow OR’s suit in the near future as greater weight is being given to sustainable operations than ever before.”
Fossar Markets acted as green bond advisor and sole book runner in the OR¨s green bond transactions.
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