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China Three Gorges Corporation (CTG) has listed a €650m green bond on the Global Exchange Market (GEM) of the Irish Stock Exchange (ISE). The CTG green bond, with a 1.3% interest rate, has a maturity date of June 2024.
China Three Gorges manages the largest hydropower project in the world
China Three Gorges Corporation, headquartered in Beijing, is a clean energy group focusing on large-scale hydropower development and operations. In China it has developed the hydropower resources of the Yangtze River and its tributaries and managed the development and operation of the Three Gorges Project, which is currently the largest hydropower project in the world in terms of installed capacity. It is also engaged in renewable energy businesses including wind power and solar power and operates an international investment business in the hydropower and renewable energy sectors and an international contracting business.
Bank of China, Deutsche Bank and JP Morgan were joint lead managers on the CTG transaction.
As at 31 December 2016 the total assets of the business were RMB660.1 billion and its revenue was RMB78.3 billion.
ISE attracts green bond issuers from around the globe
China Three Gorges Corporation is the latest green bond issuer to choose an ISE listing for its securities. Other international issuers with green bonds listed on the ISE include:
- Acciona, the Spanish based world leader in renewal energy, water and infrastructure, has a €1billion euro Medium Term Note (MTN) programme listed on the Main Securities Market (MSM).
- Enel, a multinational energy company and a leading global integrated electricity and gas operator working in 31 countries across 4 continents, has a €35bn global-MTN listed on the ISE.
- NAFIN, focused on sustainable projects meeting the environmental goals of the Mexican government, listed a US$500m bond in 2015.
- Paprec, the French recycling and waste management specialist has listed two green bonds on GEM, valued at €705m.
- Senvion, headquartered in Germany and one of the leading manufacturers of onshore and offshore wind turbines, listed a €400m green bond in 2017.
- Alperia, the Italian provider of energy from renewable sources, has three green bond notes listed on the MSM totalling €375m.
- In addition, Nordic bank, SEB, listed a 5 year green bond and Swedish Export Credit Corporation, issued a green bond to finance its green lending activities.
Greencoat Renewables plc announces plans to float on ISE
On 19 June, Greencoat Renewables plc also announced it had plans to float on the Irish Stock Exchange. It is seeking to raise €250m through its initial public offering (IPO) to support its expansion plans.
