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Post Issuance Assurance On Issuers Green Bond
Our client is the largest producer of Renewable Energy in East Africa and issued the first corporate Green Bond in East Africa to fund the cost of re-financing the existing debt for the Hydroelectric Power Plant which they own and operate.
The Challenge
The company is a pioneer in the field of renewable energy and wanted to further reinforce their Green Credentials by issuing the first Corporate Green Bond in East Africa.
The proceeds were used to re-finance their existing debt as well as refurbish some of the turbines of the hydroelectric power plant.
It is considered best practice that assurance is provided 12 months after issuance of the Green Bond.
Our Solution
The purpose of the assurance is to confirm that the monies raised were being used to fund the assets which mentioned in the bond issuance documents.
Our role was to audit various documents, including financial statements. These demonstrated that the funds were allocated to the asset mentioned in the issuance documents and that the amounts allocated were consistent with the financial and bank statements
The Outcome
- The client was provided with an Assurance report which confirmed that the funds were allocated in accordance with the bond issuance documents.
- An assurance statement was also provided which summarised the Assurance Report and which could be provided to the investors and the financial authorities in East Africa.
