2021/05/20ECOVE Issues $1 Billion Corporate Green Bonds to Finance Carbon-Reduction Power Projects
(Taipei) May 19, 2021—ECOVE, a subsidiary of CTCI Group focused on resource cycling businesses, has announced the launch of a five-year maturity TWD $2 billion debenture program in Q1 2021, including TWD $1 billion in the form of green bonds. The debenture is expected to be issued by late May.
With favorable coupon rates, subscription for ECOVE’s first-ever bond issuing is eager due to the support of major financial institutions. Total bidding figure amounted to TWD $6.8 billion, drawing an oversubscription of 300%. This is a sign of recognition from investors on ECOVE’s stable performance and green investments.
The financing from the debenture program will help ECOVE lower its mid- to long-term capital costs and interest rate risks, as well as contribute to ECOVE’s renewable energy and carbon-reduction projects.
The green bond capital will be solely used for the investment, development, and setup of solar power plants. Performance indicators will be released one year following bond issuance. The capital is expected to be used to build 25 MW solar power plants capable of generating 28.7 million kWh, or equivalent to 14,630 tons in carbon reduction.
ECOVE is a resource cycling company with three core business fields: waste management and incineration, renewable energy, and recycling and reuse. Among its renewable energy business, ECOVE has installed more than 114 MW of solar capacity worldwide and has been entitled to develop 96 solar power plants. The company lives by its company-wide CSR mission to implement ESG responsibilities, and is also the world’s first company that received BS 8001 circular economy certificate.
Based on the spirit of “Most Reliable” and “Every Resource Counts,” ECOVE will continue to dedicate to improving resource cycling efficiency and treasuring every single resource through integrated management, intelligent systems, and data analysis, bringing a better future to the world.