In July 2023, the Philadelphia Energy Authority issued Sustainability Bonds to finance the Philadelphia Streetlight Improvement Project, consisting of construction and installation of energy-efficient streetlighting infrastructure throughout the City. The Project is a comprehensive multiyear effort to convert nearly 130,000 streetlights to LED lights and upgrade the entire lighting system to a remote management system. The Project is aligned with citywide climate action goals to reach net zero by 2050, is expected to yield approximately 55% annual energy savings, is Dark Sky compliant, and designed to reduce traffic fatalities and improve public safety. The City prioritized LED installation in neighborhoods where public safety needs are highest, as identified through nighttime crime data, nighttime vehicle crash data, and other Delaware Valley Regional Planning Commission Indicators of Potential Disadvantage, including the neighborhoods of Kensington, North Philadelphia, and West Philadelphia.

Kestrel provided an external review of sustainability bonds financing the Flo Senior Apartments Project, an affordable rental housing development for seniors and non-elderly residents with disabilities. The Project is designed to meet the Enterprise Green Communities sustainable building standard and is the seventh and final DHA-developed multi-family residential housing project included in the Sun Valley redevelopment effort. Designs preserve the character and culture of the existing neighborhood and include comprehensive considerations for tenant needs such as access to public transit and support services. 

Kestrel provided an external review on the alignment of the bonds with the CBI Electrical Grids and Storage criteria. The 2023 Series K Bonds refund commercial paper that financed improvements to the transmission and distribution system. The Climate Bonds certification highlights SMUD’s ambitious goal to eliminate carbon emissions from electricity production by 2030 and their leadership among electric utilities in the US.

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.