GESSEL advises on a green bond issue
GESSEL supported New Energy Investments Sp. z o.o. (a company from the Columbus Energy S.A. group) in institution of a PLN 500 mln bond issue programme and on issue of the first bond series to a value of PLN 75 mln, taken up via a private placement by Bank Ochrony Środowiska S.A. GESSEL was instructed by Dom Maklerski BOŚ S.A. in its capacity as the issue organiser, dealer, document agent, calculation agent, and issue agent. We were responsible for drawing up the entire legal documentation of the bond issue programme, of the actual bond issue, and of the securities. The issuer was advised by Deloitte Legal.
The New Energy Investments Sp. z o.o. green bonds were issued in line with International Capital Market Association (ICMA) standards and guidelines and within the financing areas covered by the Green Bond Principles (GBP). The ecological qualities of the investment have been attested to by the international auditors Cicero Shades of Green AS of Oslo working in close cooperation with the Polish National Energy Conservation Agency, a subsidiary of the National Environmental Protection and Water Management Fund.
Proceeds from the bond issue will be applied towards construction of solar power farms with an aggregate capacity of 30 MW in Poland.
Green Bonds are gaining increasing popularity in Europe and around the world. Funds from their issue are earmarked for environmental protection and sustainability purposes.
For GESSEL’s part, the project was overseen by the partners Krzysztof Marczuk and Małgorzata Badowska and involved members of our Banking and Finance and Capital Markets departments: Jakub Rowicki, associate, Magdalena Dudziec-Kośnik, senior associate, Dawid Marciniak, associate and Katarzyna Matyszewska, associate.