S&P Global Ratings’ Green Evaluation of Eolica Mesa La Paz onshore wind financing covered by the specialist press

The proposed bonds that will finance the Eólica Mesa La Paz wind farm, in Mexico, have received an S&P Global Ratings Green Evaluation of E1/91 – the highest score available. Eólica Mesa La Paz will finance the construction of a 306-megawatt (MW) onshore wind project, located in Tamaulipas, by using a new senior secured bond for $303 million with final maturity in December 2044.

Benefitting from a robust project finance legal structure and high-level commitments to reporting on carbon reduction efforts, the project received scores of Transparency (80), Governance (95) and Mitigation (92).

This news was covered by Windpower Engineering and Development, Power Finance & Risk and Renewables Now.

S&P Global Ratings’ Modern Land (China) Green Evaluation covered by Responsible Investor

Modern Land (China) Co. Ltd.’s US$350 million of green bonds – to finance environmentally certified buildings in China – have received an S&P Global Ratings Green Evaluation score of E1/84.

The high Mitigation score of 92/100 is because of the high level of expected avoided carbon emissions compared with the baseline scenario – due to the high carbon intensity of the coal-dominated grid.

To see the full coverage in Responsible Investor, please click here

S&P Global Ratings’ BIF II Holtwood Green Evaluation covered by the specialist press

US$350 million senior secured notes, issued in February 2018, by BIF III Holtwood LLC, have received an S&P Global Ratings Green Evaluation score of E1/90.

The score of E1/90 reflects an excellent Mitigation score (95/100), which is supported by a focus on renewable energy generation contributing to systemic decarbonisation and that these projects are located in areas of moderate carbon intensity.

This news was covered by Responsible Investor, IJ Global and Environmental Finance.

S&P Global Ratings’ Michael Ferguson discusses the outlook for U.S. green finance in Investment Week

The financing of green infrastructure projects is rising worldwide. And alternative financing tools are piquing the interest of investors, many of whom are increasingly sensitive to climate concerns.

Michael Ferguson, Director, U.S. Energy Infrastructure and Sustainable Finance at S&P Global Ratings, highlights the expansion of the U.S.’ decarbonisation efforts and how green bonds are used in this transformation.

Read the full article here

Newly formed S&P Global Ratings Sustainable Finance Team hosts media reception

On 17 April 2018, S&P Global Ratings marked the launch of its Sustainable Finance team. At a reception in central London, the team, which includes members from North America, hosted specialist and tier one agencies.

The Sustainable Finance Team is a cross-practice, dedicated team of S&P Global Ratings analysts who cover environmental, social and governance (ESG) analytics and research, insight into sustainable infrastructure trends worldwide, and the S&P Global Ratings Green Evaluation – an asset-level environmental credential, launched in early 2017.

Moorgate worked with the communications team at S&P Global in arranging the event, including invitation attendance, content for distribution, and all venue logistics.

To see the new S&P Global Ratings Sustainable Finance website, please click here.

 

 

S&P Global Ratings’ Peter Kernan and Michael Wilkins consider the effects of climate change on corporate credit ratings

As the damages resulting from global weather trends compound year by year, international credit markets have begun to take climate change more seriously, write Michael Wilkins, Head of Sustainable Finance, and Peter Kernan, Managing Director, S&P Global Ratings.

The article describes how environmental and climate (E&C) risks—as well as opportunities—may affect an entity’s capacity and willingness to meet its financial commitments, along with case studies and a description of S&P Global Ratings’ methodology.

Read the full article here. (note: behind a paywall)

In EnviroLine, S&P Global Ratings’ Nicole Martin talks Climate disclosure, credit ratings and Canada  

Writing for EnviroLine, Nicole Martin, Senior Director at S&P Global Ratings, argues that widespread, comprehensive, systematic disclosure can serve to support more consistent and transparent analysis of climate-related risks. In turn, this allows all stakeholders to better understand both the long- and short-term consequences of climate change for the financial markets.

Read the full article here.

Writing for the Climate Disclosure Standards Board (CDSB) Blog, S&P Global Ratings’ Michael Wilkins considers the link between green finance and climate reporting

Ambitious climate objectives have created the impetus for some US$90 trillion to be targeted for global sustainable development investment before 2030. Yet a critical question remains: “Where will the money come from?”

Michael Wilkins argues that increased visibility of environmental risk should enable higher levels of capital for sustainable infrastructure. And that – given the vast levels of capital required for sustainable development projects – mobilising all forms of green financing is crucial.

Read the full article here.

In Business Green, S&P Global Ratings’ Michael Ferguson argues for a clearer year ahead for the green finance market in the U.S.

The American green bond market has been stepping up. U.S. municipal issuance alone accounted for 34 per cent of the global sub-sovereign issuance, and included 10 first-time issuers, according to the Climate Bonds Initiative (CBI). Writing for Business Green, Michael Ferguson, Director at S&P Global Ratings, considers how this expansion of the marketplace could just be the beginning.

Read the full article here.