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.
The Regents of the University of Michigan issued their first Green Bonds in March 2022. The University will use proceeds from the General Revenue Bonds (Taxable) (Green Bonds) to establish an innovative new energy revolving fund that will set aside funding for energy efficient projects presented by students and faculty, building projects anticipated to receive LEED Silver and LEED Platinum certifications, a geothermal heating system, and electric bus fleets, among other projects. The financed projects are a testament to the University’s commitment to sustainability and forward-thinking climate action.
The Indianapolis Local Public Improvement Bond Bank issued its first Green Bonds in March 2020, raising more than $50 million for improvements to the city’s stormwater infrastructure. The bonds fund stormwater system improvements that integrate nature-based solutions like hybrid ditches, use green space in city parks to manage water flow, and restore stream channels through daylighting closed creeks. Kestrel Verifiers provided a Second Party Opinion on the designation and determined that the bonds align with the Green Bond Principles and multiple UN Sustainable Development Goals by financing sustainable stormwater infrastructure.
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.
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.