The move is part of Saeta Yield’s plans to expand outside Spain, which forms the bulk of its 1.1GW portfolio.
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The boss of the Climate Bonds Initiative thinks concerns over the country’s green bond standards and verification procedures are exaggerated.
The mechanism is expected to help reduce government subsidies and ease curtailment issues in the world’s largest renewables market.
The French bank is increasing its exposure to clean energy projects and wants to be a global leader in the green bond market.
Acting on its $10bn clean energy commitment in January, National Bank of Abu Dhabi could be seeking to raise at least $500m.
Yet Chinese green bonds are not always what they say on the tin, with ‘clean-coal’ projects allowed to be financed under the initiative.
BlackRock, CalSTRS and State Street are among the 70 investors buying the multilateral lender’s green bonds.
Proceeds from the $224m transaction, backed by 17 investors, will be used to finance clean energy and transport projects in the Australian state.
In addition to yuan, the BRICS-focused lender intends to raise debt denominated in the local currencies of its members.
ReNew chief executive and PACE founder Cisco DeVries said the securitisation provides ‘permanent capital’ for the loans ReNew has already provided.