Longwood Gardens in Pennsylvania raised more than $160 million through its first-ever issuance of Sustainability Bonds verified by Kestrel. The gardens have long been stewards of the natural environment, preserving natural history through horticulture, research, and public education. The financed renovation projects align with the Green Bond Principles by utilizing energy efficient building features including water conservation and reuse, geothermal heating, lighting efficiencies, and earth ducts. The financed projects align with the Social Bond Principles by supporting Longwood’s commitment to providing public education programs, conservation research, and environmental stewardship.
Masters of the Muniverse is a monthly podcast hosted by Bloomberg’s Senior US Municipal Strategist, Eric Kazatsky. In the January 2022 episode, panel members discussed sustainable investing in the municipal market. Kestrel CEO, Monica Reid, explained why ESG is important in the municipal market, where there is opportunity for growth, and how to think about the just transition to a decarbonized economy.
Marie Selby Botanical Gardens in Sarasota, Florida, raised more than $30 million in bond sales for its Revenue Bonds (The Marie Selby Botanical Gardens, Inc. Project) Series 2021 (Sustainability Bonds). The projects included a new plant research center, visitor center and Living Energy Access Facility. Kestrel Verifiers provided an external review for the bonds for conformance with the Sustainability Bond Guidelines. The Bonds support the preservation of natural resources and biodiversity, and green buildings, in addition to providing science education to the general public.
Kestrel provided a Verifier’s Report for bonds financing the State of New Jersey Wind Port Project to receive certification as Climate Bonds. The financed project involves construction of a dedicated port facility to support deployment of 11 GW of offshore wind power across the United States Eastern Seaboard. In addition to advancing clean energy goals in New Jersey, the bonds are the first-ever bonds in the US to meet the Marine Renewable Energy Sector Criteria of the Climate Bonds Standard.
The City of Chicago issued Social Bonds financing affordable housing, environmental justice initiatives, and community development projects prioritized in the Chicago Recovery Plan. The social bonds designation through Kestrel highlighted bond-financed activities with significant positive social impacts including homelessness support services, tree canopy equity expansion, and community development grants for rehabilitating vacant lots.
CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced their new Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. This new program allows citizens to invest in the Green Bank’s mission to confront climate change. As a result of the climate benefits associated with this program, the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.
The Metropolitan Atlanta Rapid Transit Authority (MARTA) Board of Directors will refund $369.6 million of its Series 2014A and 2015A bonds, saving the Authority approximately $62 million over the life of the bonds and reducing MARTA’s debt expense by approximately $2.6 million per year. The new Series 2021D and 2021E taxable bonds are Green Bonds verified by Kestrel, an independent verifier, confirming that the financed projects reduce harmful greenhouse gas emissions and provide access to clean transportation.
The State of California took a major step in climate action by selling its first-ever Certified Climate Bonds, verified by Kestrel. The sale came two days into COP26 and will fund the new California Natural Resources Agency headquarters building. The building will be a zero net energy building, using just as much or less than the total energy it produces annually.
Three community choice aggregators (CCAs) have demonstrated leadership in the municipal energy sector by undertaking innovative structured financings through CCCFA and supporting the expansion of clean energy in California. East Bay Community Energy Authority and Silicon Valley Energy Authority jointly issued over $1 billion of proceeds through CCCFA for the first and largest Green Bond, verified by Kestrel, issued for prepayment for carbon free electricity. Marin Clean Energy’s Series 2021A Bonds, also verified by Kestrel, were the first Green Bonds – Climate Bond Certified for a CCA. Marin Clean Energy’s solar power purchase agreements expand access and delivery of renewable energy.