The National Environment Agency (NEA) of Singapore has raised S$1.65 billion (US$1.23 billion) through the initial issuance of green bonds, which will be used to fund sustainable projects.
These bonds are divided into two wholesale banks: S$350 million (US$261 million) and S$1.3 billion (US$968 million). Final orders exceeded S$2 billion (US$1.5 billion) and oversubscribed by more than 21%. DBS Bank is the only arranger. The official statement stated that the bonds issued this time are the longest-term green bonds denominated in Singapore dollars and the longest unrated public green bonds in Southeast Asia.
Mark Tan of Pinsent Masons MPillay, the Singapore-based joint law firm Pinsent Masons, the law firm behind MPillay and Out-Law, said: “Green bonds are now generally seen as a form of market innovation to promote capital formation in projects. Produce positive environmental impacts, including but not limited to financing projects aimed at improving energy efficiency, pollution prevention, sustainable agriculture and forestry, which is expected to help accumulate and mitigate the long-term negative effects of climate change."
“Therefore, the National Energy Administration’s issuance of such green bonds in Singapore is another positive step forward in the country’s plan to become a leading center for green finance in the region and the world. This is one of the main goals of the Green Economy Pillar Initiative. Plan 2030." He said.
Keywords: energy, international engineering news, foreign engineering project information
The bond issuance was issued under the framework of the S$3 billion (US$2 billion) multi-currency medium-term notes program established by the National Energy Administration in August and the green bond framework. The net proceeds of each green bond issuance under this framework will be used to fund or refinance eligible new or existing green projects. The first eligible project is the Tuas Nexus Integrated Waste Management Facility, the first phase of which will be completed in 2025. Once in operation, the plant will use waste to generate electricity and dispose of incinerable waste, household recyclables and food waste.Editor/Baohongying
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