MassDevelopment Issues $232M First-in-the-Nation Sustainability Bond

Massachusetts Development Finance Agency issued bonds on behalf of Boston Medical Center, the largest safety net provider in New England. Kestrel provided a Second Party Opinion for a Sustainability Bonds designation for the bonds, which finance construction and renovation projects at several patient care facilities. The projects increase the number of patient beds and operating rooms, improve energy efficiency of facilities, and support equitable access to healthcare for under-resourced and underserved populations in Boston and surrounding communities.

Kestrel is excited to announce the launch of our new data offering and an updated brand to reflect our growing position as a leading data provider in the Environmental, Social, and Governance (ESG) space.

Twenty years ago, Kestrel began as a premier environmental finance consulting group, helping state and local governments access capital for infrastructure and sustainability projects.

Today, we are the US market leader for verified green, social, and sustainability bonds in US public finance, garnering over 60% market share by the number of external reviews*.

But we’re not stopping there.


We’re bringing new data to fixed income markets.

This year we are expanding our offering, providing ESG impact scores and data that bring greater transparency and insight to the municipal market.

We want our data to be your new benchmark, offering views into the fixed income market that are rooted in environmental and social science and deepened by a practitioner’s understanding of real-world best practices and regulatory frameworks.

Kestrel’s ever-growing data offering will cover the entire municipal market at the series level, providing you with original analysis and transparency on ESG impacts of bond-financed activities and the presence of sector-specific risk mitigants.


We have a new look that reflects our commitment transparency and collaboration.

For those of you who know us as Kestrel Verifiers, we’ve just simplified our name and updated our look—you can continue to expect the superior level of service you’ve grown to trust.

As we strive to become a leading provider of ESG data and solutions, our new brand reflects our commitment to tackling big challenges through collaboration with state and local governments, global engineering companies, and the market.

Our company was named after the American Kestrel, a small falcon known for its vigilance and precision. Like the bird, Kestrel is built for speed, with a lean and energy-conserving composition. We take a direct and calculated approach to assessing ESG impact, guided by proprietary technology and firmly based in science. Integrity is a core component of our company culture.

The new logo features a depiction of a bird in the letter “K” as a symbol of our unique approach and commitment to discerning real ESG impact data. It represents our focus on clarity and understanding the difference between appearance and reality. The aerial perspectives, detailed textures, and refined color palette of our new brand are all inspired by the bird.


A new look is one thing— but it’s our data and approach that truly differentiates us.

With a highly qualified team of experts in environmental and social sciences, as well as finance, engineering, and technology, we are creating real value and true service for our customers. Our offering is rooted in science, guided by real-world best practices and proprietary technology.

Contact us for a demo or to start a discussion. We’re ready to show you the difference.


*as of Q4 2022

Kestrel provided a Second Party Opinion for Bridger Aerospace’s Sustainability Bonds with proceeds that will be used to purchase two SuperScooper planes for firefighting, among other activities. Wildfires pose a significant threat to human health and wildlife, in addition to releasing large amounts of CO2 from severe, stand-replacing fires. By increasing the size of its fleet and improving operational facilities, Bridger will be better equipped to reduce the negative environmental impacts of large wildfires across the US.

The Connecticut Green Bank is targeting retail investors with the latest issuance of Green Liberty Notes. Proceeds will finance loans made to small businesses for energy efficiency upgrades and retrofits as part of the Small Business Energy Advantage program that is a component of the Energize CT initiative. Kestrel has provided multiple external reviews on the Green Bank’s Green Bonds, Climate Bonds, and associated post-issuance reports that document environmental and social impacts.

Kestrel provided a Second Party Opinion for a Social Bonds designation for the Commonwealth of Massachusetts in the largest Social, Green, or Sustainability Bond issuance in the municipal market to date. The bonds will be used to repay outstanding federal advances borrowed to pay unemployment insurance benefits which spiked in 2020 as a result of the COVID-19 pandemic and replenish the Unemployment Insurance Trust Fund to pay for future benefits. The Unemployment Insurance Program plays a critical role in delivering economic relief to individuals and families experiencing financial hardship during the COVID-19 pandemic.

The American Forest Foundation issued its first Green Bonds in July to finance the Family Forest Carbon Program. The program provides incentive payments to individual landowners in Central Appalachia to encourage the reduction of timber harvests and promote the growth of mature forests as a means to reduce CO2 emissions significantly over the contract periods. All projects and carbon offsets generated as a result of the changes in management practices will be verified under an approved methodology and certified by Verra. Kestrel provided a Second Party Opinion on the Green Bonds which align with the Environmentally Sustainable Management of Living Natural Resources project category in the Green Bond Principles.

Kestrel provided a Sustainability Bond Second Party Opinion for Gallatin County’s June 2022 bond issuance. Bridger Aerospace Group, LLC intends to use bond proceeds to acquire four CL-415EAF Super Scooper planes to combat wildfires in the Western United States. The Super Scoopers will pick up water from nearby lakes and rivers and release onto active wildfires. This method of wildland firefighting will save lives, reduce risk to vulnerable populations (which are disproportionately affected by wildfire disasters), minimize negative public health impacts from poor air quality associated with wildfires, and enhance wildfire response without the use of harmful chemicals to suppress fires. These projects fall under two eligible project categories as defined by the Green Bond Principles and the Social Bond Principles: Sustainable Management of Natural Resources and Natural Disaster Response.

Kestrel provided an external review for Harvard University’s first Green Bond in April 2022 for the new Science and Engineering Complex and renovations to Adams House and Soldiers Field Park student housing. The Science and Engineering Complex is a state-of-the-art building that achieved LEED Platinum certification and Living Buildings Challenge Certification. The housing complexes will achieve LEED Gold certification and align with Harvard’s green building standards. The facilities and renovations funded by the green bonds advance Harvard’s comprehensive commitments to sustainability.

The City of Saint Paul and the Saint Paul Port Authority partnered to issue Sustainability Bonds to finance the replacement of dead, dying, or at-risk Ash trees as a result of the area’s Emerald Ash Borer infestation. The bonds will finance the replanting of new trees throughout St. Paul and support the City’s removal of stumps left behind from previous removals. As trees provide innumerable benefits to people and communities, the project is imperative for the health and sustainability of communities and urban forests in St. Paul. Kestrel provided a Second Party Opinion on the Sustainability Bonds designation for the positive impact of the projects on low-income communities and the environmental benefits of urban forests.