Page 13 - AfrElec Week 27 2021

AfrElec RENEWABLES AfrElec

IFC subscribes to Egypt’s CIB’s

$100mn debut green bond

EGYPT INTERNATIONAL Finance Corporation, various categories of climate supporting initi-
the private sector arm of the World Bank, has atives, including green buildings, energy effi-
subscribed to the full value of the debut green ciency, renewable energy, water and wastewater
bond of Commercial International Bank – management and clean transportation. The
Egypt (CIB). The private placement is valued issuance is part and parcel of CIB’s mission to
at $100mn in non-callable fixed rate bonds. support clients looking to make sustainable
The tenor of the issue is five years and proceeds investment choices and will also entrench the
will be used to fund a portfolio of green loans cost of environmental impact into the fabric of its
extended by CIB to its corporate as well as credit policy and decision making with respect to
medium- and small-enterprise (SME) clients in lending and investment decisions.
addition to funding CIB’s green building capital CIB is acting as lead manager of the issuance,
expenditure for up to 20% of the proceeds. Zulficar Law Office as legal advisor, and Deloitte
The bond proceeds will be directed to as auditor.™

OneWatt Solar raises $24mn

green bond in Nigeria

NIGERIA NIGERIA’S OneWatt Solar (OWS) has suc- intelligence Software Technology. The two prod-
cessfully raised NGN3bn ($7mn) under its ucts are strategically designed to deliver excellent
NGN10bn ($24mn) Green Bond Issuance service to our customers, as well as to ensure that
Programme. [the] customers’ experience journey is seamless
The debt instruments comprised a NGN2bn and memorable,” said OWS co-founder & chief
($4.8mn) seven-year Green Bond Issue (Tranche operating officer Jubril Adeojo.
I) and a NGN1bn ($2.4mn) seven-year Green Co-managing partner & managing director
Sukuk Issue (Tranche II). of Comercio Partners Capital, Steve Osho, said:
The company said that the bond was the first “This is the first hybrid green bond and green
corporate green bond for off-grid renewable sukuk issued by a corporate in sub-Saharan
energy project in Africa, as well as the first cor- Africa and we at Comercio Partners Capital
porate green sukuk and the first corporate joint Limited are excited to be the lead issuing house
green bond and green sukuk. of this historic issue. Our strategic relationship
It added that the issuance reinforced the com- with OWS is in line with our philosophy of value
pany’s unfettered commitment to the United creation.”
Nations Sustainable Development Goals (SDGs) CEO of Marble Capital, Akeem Oyewale,
and Paris Agreement on Climate Change, lever- said: “Marble Capital is happy to have lent our
aging its innovative and scalable business model shariah advisory competencies to the debut
that is consciously built on strategic partnership, green sukuk issuance in Africa, and also grateful
advanced technologies and Big Data. for the opportunity to expand Islamic finance
“This issuance has enabled us to commer- asset offerings in the Nigerian market.
cially roll out our two flagship products: CHI “The utilisation of a sukuk in funding struc-
OMA being the Internet of Things [IoT] ena- tures allows firms like OWS to tap into a growing
bled Digital Assets & Hardware Technology, asset class that is tried and tested globally.”™
and AMINA being the advanced artificial

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