In 2020 we financed the production of zero-emission public transport vehicles worth in excess of PLN 150m (for Solaris).
- Financing of RES projects under the Project Finance formula
We have participated in financing wind turbine and photovoltaic projects for leading developers and investors, including being a partner to the largest portfolio of photovoltaic projects financing in Poland to date.
- Sustainability-linked bond issue
We acted as the coordinator, arranger and dealer of the first sustainability-linked bond issue for Tauron Polska Energia worth PLN 1 billion. Funds from the issue will support the transformation of the TAURON Group and will be used to finance the costs of construction/acquisition of projects based on renewable energy sources, distribution and general corporate activities of the Issuer’s Group related to RES or zero-emission energy transformation. The funds will also be used to refinance the Issuer Group’s debt incurred to finance the above projects.
The funds obtained from the bonds shall not be used for financing any new or existing coal units or financing the activities of Tauron Wydobycie S.A. and Tauron Wytwarzanie S.A. (for undertakings other than those indicated above).
In addition, the TAURON Group together with the emission coordinator set the following indicators: CO2 emission reduction indicator (annual average 2%) and RES capacity increase indicator (annual average 8%). If the targets are not met, the base margin will be increased in line with the provisions of the emission conditions. Each year an independent auditor will examine and validate the correctness of the calculations of the sustainability indicators.
A transaction hedging the risk of interest rate volatility in which the client swaps payments based on a floating index (e.g. WIBOR) for a fixed rate of a specific amount further modified to take into account sustainability-linked principles.
In 2020, together with Tauron Polska Energia, we conducted the first green IRS transaction in Poland. As part of it, lowering CO2 emissions and increasing the production of energy from renewable sources will result in tangible financial benefits for Tauron in the form of a reduction in the fixed interest rate paid.
We acted as co-arranger of Cyfrowy Polsat S.A.’s first green bond issue, the first in Poland among non-financial entities, with a total value of PLN 1bn and a 7-year maturity. The funds raised from the issue were used to refinance the costs incurred by the issuer and the issuer’s subsidiaries between 2017 and 2019 related to energy efficiency improvements. Additionally, the costs of reducing the use of electronic components and, as a result, of the issuer’s and its subsidiaries’ carbon footprint were refinanced in accordance with the Green Bond Framework.
We participated as a dealer in a bond issue for PKN Orlen S.A. This is the first bond issue both on the Polish market and in Central Europe where the interest margin was linked to ESG rating by MSCI. Verification of the ESG-linked target will be carried out semi-annually before the date of determination of the interest rate.
More information about sustainable green finance can be found here