Gaelectric issues €10m green bond

Gaelectric has issued a €10m green bond in a bid to raise cash for its continuing wind, solar and storage operations.

The bond, issued through BCP Asset Management, offers investors a return of 28% at the end of a three-year term with a minimum investment of €25,000. Gaelectric is the first Irish company to issue a Green Bond.

Gaelectric chief executive officer Brendan McGrath (pictured) said the Dublin-based renewables outfit is at a vital stage of its development.

“This note issue with BCP is in response to strong demand that we have received from current and new investors who wish to participate in an efficient way,” he said.

“The response to the issue has been very encouraging.”

Meanwhile, Ireland’s International Sustainability and Investment Centre has announced a partnership with the London-based Climate Bond Initiative (CBI). It is a not-for-profit organisation that assists governments and companies fund climate change solutions through sustainable investments.

CBI CEO Sean Kidney said: “With a strong working relationship in Ireland between the private sector and government, Ireland is perfectly positioned to demonstrate to the world how to make green finance serve the agenda of the transition to a low-carbon economy.  

“Dedicated teams like the ISI Centre as part of a government strategy are surprisingly rare. Every country needs an ISI Centre if we are to meet our global ambitions.”

Image: Gaelectric