Investors rallied around Oberlin College and Conservatory’s path-breaking geothermal infrastructure project that’s aligned with the goals and targets of the Paris Climate Agreement. This is only the second Certified Climate Bond offering among US colleges and universities, and third in the world. Kestrel Verifiers provided the review to support certification. The bonds attracted bids totaling nearly three times the amount of the offering.
GRU issued its first-ever green bond this July to fund water and wastewater improvement projects. Kestrel’s Second Party Opinion confirmed the bond-financed projects promote environmental sustainability and resiliency, and align with the Green Bond Principles.
As the market for ESG-certified bonds grows, Oregon-based Kestrel Verifiers is growing along with it. Kestrel has delivered roughly 68% of the second-party opinions for ESG projects in US public finance. The firm has handled $8 billion in par since its inception in 2019.
California Ethanol + Power plans to price $575 million in bonds through a municipal conduit in June or July to fund construction of the alternative fuel and energy plant to convert sugarcane into ethanol.
Sugar Valley Energy’s Green Bonds will finance a project that has many environmental benefits. Kestrel’s Second Party Opinion on the bonds aimed to describe technical aspects of the project while ensuring all audiences can appreciate the uniquely innovative approach to construction and management of natural resources throughout the lifecycle of the biofuel production process.
Washington Metropolitan Area Transit Authority is a leader in forward-thinking transportation planning. Kestrel’s verification process revealed Metro’s active role in achieving regional climate action goals. The inaugural Climate Bonds will finance improvements to an existing low carbon transportation system and lay critical groundwork for large-scale fleet electrification.
Stanford University became the first US university campus to offer bonds with both Climate and Sustainability Bond designations, demonstrating their comprehensive commitment to sustainability. Kestrel provided external verification of the alignment of the financed activities with the Climate Bonds Standard and the positive social impacts. The projects support exemplary health equity research, housing access, and systemic academic equity initiatives, and enable the continued growth of the University while aligning with the school’s trajectory to reach zero greenhouse gas emissions by approximately 2030.
To commemorate Earth Day, the Connecticut Green Bank planned a $23.6 million negotiated issuance of state-supported solar home renewable energy credit Green Liberty Bonds. The bank’s inaugural $16 million issuance last July won The Bond Buyer’s annual award for innovative deal of the year. This issuance is the second bond issued under their Climate Bonds Programmatic Framework that was originally verified by Kestrel Verifiers in 2020.
A social bond may represent the next big tool in the impact investor playbook, with a record $154 billion in Social Bonds issued in 2020. Independent verification of the bona fide social benefits derived from the bond-financed activities, like Kestrel Verifiers’ opinion for the social bonds issued by Equitable School Revolving Fund, should alleviate concerns about impact-washing and assure impact investors that their capital is generating a positive social impact.