Vena Energy and CDPQ Launch First Green Project Bond in Japan
Vena Energy, a major renewable energy business in the Asia Pacific, and global investment group CDPQ announced the signing of a JPY 9.3 billion green project bond agreement (approximately CAD 90 million).
Vena Energy is making its first push into the international project bond market, while CDPQ is funding its first renewable energy project in Japan. Under Vena Energy's Green Financing Framework, the funds will be used to finance one of Vena Energy's operational solar projects in Japan.
The 35 MW solar energy project in Fukushima Prefecture can provide renewable energy to more than 7,000 Japanese households annually. Compared to conventional thermal generation, it has the potential to reduce greenhouse gas emissions by up to 22,283 tonnes per year while conserving about 35,000,000 litres of water.
Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said:
"As the demand for clean energy is rising globally, this financing is well aligned with our strategy to support high-quality and essential infrastructure assets that contribute to the energy transition. We are pleased to partner with Vena Energy, a major independent power producer in Asia-Pacific, which will accelerate our capacity to diversify our presence in this evolving market.”
Simone Grasso, Chief Investment Officer of Vena Energy, said:
"This innovative green project bond marks an expansion of Vena Energy’s debt capital market activities from corporate to project level, further diversifying our financing sources and increasing our flexibility to fund future growth. We are delighted to collaborate with CDPQ on this transaction, which represents another step towards decarbonising the real economy and accelerating the energy transition across the Asia Pacific region.”