MET Hungary Solar Park (HSP) corporate bond, issued in December 2021, has received a green rating from Sustainalytics. The certification was contingent upon meeting the United Nations’ sustainability objectives.
The Green Bond Framework issued by HSP focused mainly on two of the objectives defined by the UN: providing affordable and clean energy, while also being classified as an urgent measure to combat climate change. In addition, the green framework of the solar parks is aligned with the company’s overall sustainability objectives.
The issuer used the proceeds from the bond sale to refinance two existing solar power plants (Dunai and Kabai), as well as to finance the acquisition and the construction of three new solar power plants. Construction work for Buzsak, Gerjen, and Sojtor solar parks is currently underway and accounts for about 80 % of the capital raised through the bond sale. The two existing solar power plants generate enough electricity to supply about 50,000 households for a year, while those under construction will be able to supply an additional 140,000 households.
The total value of the 10-year green bond amounts to 169 million euros. The financial advisors on the transaction were Credit Management Group, which has been involved in various corporate and green bond issues.
