MET's corporate bond assigned green rating
MET Group’s Hungarian Solar Park corporate bond, issued in December 2021, has received a green rating from Sustainalytics, according to a press release sent to the Budapest Business Journal. The certification was contingent upon meeting the United Nations' sustainability objectives.
The Green Bond Framework issued by MET Hungary Solar Park Kft. 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, according to the press release.
The issuer used the proceeds from the bond sale to refinance two existing solar parks (Dunai Solar Park and Kabai Solar Park), as well as to finance the acquisition and the construction of three new solar farms. Construction work for Buzsák, Gerjen, and Söjtör solar parks is currently underway and accounts for about 80% of the capital raised through the bond sale. The two existing solar parks generate electricity to supply about 50,000 households a year, while the constructed solar parks will be able to supply an additional 140,000 households.
"This is the first time in Hungary that a bond has been given a green rating retrospectively. In addition to professional challenges, MET Group was eager to convey its commitment to the green economy to the market, our consumers, partners, and investors," noted Gábor Balázs Lehőcz, vice chairman of the MET Green Assets Division.
The total value of the 10-year green bond amounts to HUF 64.8 billion. The financial advisors on the transaction were Credit Management Group, which has been involved in various corporate and green bond issues.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.