Page 38 - GEORptMar19

Green Bond format proved to be a compelling formula to galvanise investors at the start of the new year, and EBRD was dynamic enough to take advantage of a relatively quiet window in the market,” the bank said in a statement.
Over two-thirds of the final deal was allocated to investors with a sustainable and responsible investment focus, which, the development bank said, “welcomed this opportunity to add the EBRD name to their EUR portfolios”. The bank also reported demand from other “high quality Central Bank and Bank Treasury investors”.
Proceeds from the EBRD’s green bonds are invested into a dedicated portfolio of environmentally and socially sustainable projects, spanning investments in five areas: Energy Efficiency, Renewable Energy, Water Management, Waste Management and Air Pollution Prevention & Sustainable Transport.
Since the EBRD started issuing green bonds back in 2010, its green project portfolio has grown to include 379 projects worth a total €4.1bn as of September 30, 2018.
BofA Merrill Lynch, Crédit Agricole CIB and Morgan Stanley were joint bookrunners for the issue.
9.0 Industry & Sectors 9.1 Sector news
9.1.1 Oil & gas sector news
The Trans Adriatic Pipeline (TAP) project to provide the final leg of a 3,500-km-long set of interconnected pipelines that will deliver Azerbaijani gas to Italy at the end of an Azerbaijan-Georgia-Turkey-Greece-Albania-Adriatic Sea route has announced its financial close.
It has secured €3.9bn from public and private lenders, its managing director, Luca Shieppati said in a January 11 statement.
The sum is the largest amount of finance agreed for a European infrastructure project last year. The biggest creditor is the European Investment Bank (EIB), which provided a €700mn loan, while the second biggest is the European Bank for Reconstruction and Development (EBRD) with a loan of €500mn provided on its own account and €500mn syndicated to a group of 16 commercial banks.
TAP is a priority project of the European Union (EU) and the Energy Community, an international organisation which brings together the EU and its neighbours to create an integrated pan-European energy market.
The 878-kilometre pipeline will start at the Greek/Turkish border, cross Albania and, after passing under the Adriatic Sea, terminate in southern Italy. It constitutes the final segment of the Southern Gas Corridor (SCG), a supply route to transport gas from the Caspian Sea to Europe.
With an initial annual capacity of 10bn cubic metres—equivalent to the energy consumption of approximately seven million households in Europe—the pipeline will make a significant contribution to the diversification of Europe’s energy supply, the EBRD said in a press release. The first delivery of gas is
38 GEORGIA Country Report March 2019 www.intellinews.com