The EU and EBRD supported the issue of an US$80 million green bond in Georgia’s capital market

The European Union and the EBRD are proud to announce the first winner who will receive a grant through their capital market support programme – Georgia Renewable Power Operations’s (GRPO) US$ 80 million green secured bond is the largest transaction as well as the first ever green bond issuance in Georgia’s capital market.

The company will receive a generous contribution from the European Union to co-finance issuance-related fees.

The support mechanism is being implemented by the European Bank for Reconstruction and Development (EBRD) and undertaken by the programme contractors—Galt & Taggart together with BDO Georgia.

The transaction fully complies with the broader strategic goals of the program, which include promotion of the local capital market development in Georgia, as well as support of Environmental, Social and Governance related issuances and values.

The offering was closed on October 12, 2022. The notes are US dollar-denominated with a 5-year bullet maturity (callable after two years) and carry a 7.00% coupon. The bonds were issued and sold at par value.

"I am extremely delighted to announce that GRPO will be the recipient of the Capital Market Support programme. I believe the program will catalyze green and sustainable bond issuances in the country and incentivize renewable energy developers to align with high ESG standards. We are extremely proud to be pioneers in this regard and to contribute towards the development of the Georgian renewable energy sector. I would like to express my gratitude to the programme’s donors and supporters—the European Union, EBRD, Galt & Taggart, and BDO,"-Nuka Mshvidobadze, GRPO’s chief financial officer.