S&P Global Ratings scored Adani Green Energy Ltd. Restricted Group 2 (AGEL RG2)’s proposed US$362.5 million green bonds E1/90 under its Green Evaluation – the highest score on the Green Evaluation scale of E1-E4, comprising a Mitigation score of 90, a Transparency score of 89, and a Governance score of 93.
The bonds will be used to finance and refinance solar photovoltaic (PV) power plants and related transmission infrastructure in Karnataka and Rajasthan, India.
“AGEL RG2’s intention to use 100% of the proceeds for solar PV power projects is the main driver of the high score,” said Cheng Jia Ong, the primary analyst of the Green Evaluation.
Following Moorgate’s outreach, news of the Green Evaluation was covered by Renewables Now and PV-Magazine.
In its second ever Green Evaluation carried out in India, S&P Global Ratings has assigned an overall score of E1/90 to Adani Green Energy Ltd. Restricted Group 2’s proposed US$362.5 million green bond issuance. The E1/90 score is the highest on the Green Evaluation scale of E1-E4, and comprises a Transparency score of 89, a Governance score of 90, and a Mitigation score of 90.
“Adani’s intention to use 100% of the proceeds for solar photovoltaic power projects is the main driver of the high score,” said Cheng Jia Ong, the primary analyst of the Green Evaluation.
Following outreach by Moorgate, news of the Green Evaluation was covered by PV-Magazine, Renewables Now and Global Capital (behind paywall).
In an article for The Energy Industry Times, S&P Global Ratings’ Julyana Yokota, senior director and sector lead, Infrastructure and Utilities, Latin America, argues that solid, transparent and predictable regulatory structures are keeping the region’s utilities on track.
Though policy uncertainty remains for some countries, many are mandating minimum renewable energy targets, argues Yokota. And, in turn, autonomous and stable regulatory structures are as vital as ever for the region’s utilities to continue their steady operating performance.
Please click here for the full article.
The presence of new administrations across Latin America has mounted concerns over whether wholesale regulatory and policy reform could fundamentally alter the pace of the region’s energy transition.
But Julyana Yokota, senior director and sector lead, Infrastructure and Utilities, Latin America, S&P Global Ratings, recently wrote for World of Renewables, to highlight that the region’s robust regulatory frameworks will, in fact, likely support the region’s transition to renewable energy.
“Frameworks for the energy sector are becoming more robust, with energy utilities operating under increasingly credit-supportive regulatory frameworks,” Yokota argues. “Coupled with growing political support, we may see promising conditions for the energy transition to take hold.”
To read the full article, please click here.
Earlier this year, Italy announced its plans to significantly increase renewables capacity by 2030. But what are the factors driving and impeding progress? S&P Global Ratings’ Stefania Belisario and Massimo Schiavo consider the answers for Renewable Energy World.
Italy boasts a track record of meeting renewables targets – but under different circumstances. As such, meeting the 2030 targets, though possible, is not without hurdles. Upcoming renewables auctions through 2021 are estimated at 7GW, meaning Italy may require levers beyond those scheduled to achieve their lofty ambitions.
Please click here to read the full article.
Writing for Renewables Investor, Timucin Engin, Senior Director, GCC Region at S&P Global Ratings, considers the growing support for sustainable finance across the Gulf Cooperation Council (GCC).
While the green bond market in the GCC is still in its infancy, Engin argues that the region’s huge investment in renewables – which serves both to alleviate the pressures of falling oil prices and further promote sustainable practices among GCC members – could spur transactions funded via green finance.
To read the article, please click here.
As environmental appeal and regulatory support grow, technology improves, and costs decrease, solar energy is becoming increasingly accessible and thus, commonplace.
Speaking to Energy CIO, Michael Ferguson, Director, Sustainable Finance at S&P Global Ratings, explores the challenges holding back the proliferation of solar, and the ways in which the industry is working to overcome these obstacles.
Please click here for the full article.
In an exclusive interview with T&D India, Abhishek Dangra, Infrastructure Sector Lead, SSEA, S&P Global Ratings, considers the outlook for India’s green finance market over the coming years.
“India has pledged to have 40 per cent of installed generation capacity by 2030 to come from renewables”, explains Dangra. “As such, green financing options have begun to pique interest from the Indian market.”
This rings true of Parampujya Solar Energy, a subsidiary of Adani Green Energy Ltd., who recently proposed US$500 million in green bonds to finance and refinance its solar power plants and related transmission structure. The proposed issuance received an S&P Global Ratings’ Green Evaluation score of E1/90, the highest on a scale of E1-E4. This evaluation also marks S&P Global Ratings’ first Green Evaluation in India.
For more information on S&P Global Ratings’ Green Evaluation, please click here. To read the full interview in T&D India, please click here (p.20).
S&P Global Ratings has published 2019’s first edition of Infrastructure Finance Outlook, its newsletter of key infrastructure and project finance-related research and ratings news.
In this edition, S&P Global Ratings considers global infrastructure investment trends, spanning China, the GCC and the Americas, along with the regulatory and political risk factors across these regions.
With global political uncertainties on the rise, infrastructure investors are even more focused on long-term sustainability. And, as environmental, social, and governance (ESG) considerations are rising to the fore of investment strategies, the credit rating agency dedicates this edition to providing greater insight to its newest offering, the ESG Evaluation.
Please see the full newsletter in PDF here.
Natixis acted as mandated arranger, sole coordinator, bookrunner and sustainable development coordinator for the issuance of a €100 million loan by French power producer Voltalia – the first green and sustainable syndicated loan for a European independent power producer.
“By supporting Voltalia in this new operation, Natixis confirms its long-term commitment with this client, and its determination to deliver innovative solutions underpinned by its strategic commitment to green and sustainable finance based on three pillars: innovation, service and integrity” said Marc Vincent, Global Head of Corporate & Investment Banking and Member of the Senior Management Committee, Natixis.
Following outreach by Moorgate, the news was covered by the following specialist publications: Environmental Finance, FinanzNarichten, DGAP, Renewables Now, Bloomberg, La Mia Finanza, Il Sole 24 Ore, PV Magazine, IJGlobal, TXF, Solarnews and EticaNews.