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.
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.