Ceylinco Life to invest Rs. 2 bn in DFCC Bank Green Bond
View(s):Ceylinco Life is investing Rs. 2 billion in Sri Lanka’s first Green Bond, serving as its anchor investor in an emphatic demonstration of the company’s commitment to sustainability.
Issued by DFCC Bank and opening for subscription on Thursday September 12, the Green Bond is expected to raise up to Rs.2.5 billion to finance the establishment, acquisition, expansion, and ongoing management of onshore ground mounted, floating, rooftop solar photovoltaic (PV) power generation facilities that are compliant with Sri Lanka’s Green Finance Taxonomy, Ceylinco said in a media release.
“We see this milestone first Green Bond as an excellent opportunity to set an example to the corporate sector in Sri Lanka of the importance of committing more than words to sustainability,” Ceylinco Life Chairman Mr R. Renganathan said. “It is also a logical investment for Ceylinco Life, which continues to be a trailblazer in the green investment landscape.”
The Senior, Rated, Unsecured, Redeemable Green Bond which is to be listed on the Colombo Stock Exchange (CSE), has a tenure of three years and offers an interest of 12 per cent, payable annually. The issue has received an Instrument Rating of A- (lka) from Fitch Ratings (Lanka) Limited. This Green Bond aligns with the International Capital Markets Association (ICMA) Green Bond Principles and has received a pre-Issuance Assurance from KPMG Global Assurance Team.
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