The green bonds issued by GEN-I Sonce in 2017 in the amount of €14 million received a rating of excellent (Green Bond Assessment – GB1) from Moody's Investor Services in New York.
This is the second major international recognition for GEN-I Sonce, following last year’s “Green Bond Pioneer Award” presented to the company by the international Climate Bonds Initiative organization. That award is a distinguished honor intended for companies, financial institutions and governments for their achievements in the development of green bonds (for more, see our newsletter).
Anna Zubets-Anderson, a Vice-President and Senior Analyst at the ratings agency Moody's Investor Services said that the GB1 (excellent) rating was issued for the first green bonds in Slovenia primarily because they facilitate the construction of superior-quality solar power plants and also on account of the company’s comprehensive reporting on environmental impacts during the validity of those bonds.
The green bonds (whose largest investors are SID banka and Nova KBM) brought to Slovenia a new way of securing funds for sustainability projects that promote the production of electricity from renewable resources. The bonds thus make solar power plants accessible to nearly all potential investors.
At the end of 2016, the GEN-I Group was the first energy supplier in the region to enter the self-sufficient energy supply market. Since that time, it has made the self-supply of electricity produced from the sun possible for more than 800 Slovenian households. Solar power plants have already produced more than 5 GWh of clean, environmentally friendly green electricity and have helped reduced CO2 emissions by 2.5 million kg. GEN-I was also the first in Slovenia to set-up solar power plants on apartment and commercial buildings, and is expanding its mission to Croatia, where the first commercial solar power plant was set-up last year.
“We are proud of the fact that our internal operational standards are in line with the Green Bond Principles and have received an excellent assessment of 1.2 from the globally recognized ratings agency Moody's Investor Services. That assessment ranks GEN-I Sonce first in terms of green bond practices”, explained Gregor Lojk, Financial Director of the GEN-I Group.
“This excellent rating is confirmation that the GEN-I Group is a leading player in this area. It also encourages us to continue using our knowledge and established infrastructure to ensure increased self-supply, more efficient energy consumption, smart energy management and the reduction of the carbon footprint”, emphasized Robert Golob, Ph.D., President of the GEN-I Group’s Management Board.
More about Moody's Announcement here.