- The project is estimated to reduce up to 22,283 tonnes of greenhouse gas emissions per year.
- The inaugural project bond will finance a 35MW solar project in Japan.
CDPQ, a global investment group, is set to finance its first renewable energy project in Japan. The project under Japan’s JPY 9.3 billion (approximately CAD 90 million) green bond will be jointly done with Vena Energy. It will serve as her inaugural foray into the international project bond market. The proceeds of this partnership, in line with Vena Energy’s Green Financing Framework, will finance Vena Energy’s operational and fully contracted 35 MW solar energy project.
The project, situated in the Fukushima Prefecture in Japan, can supply more than 7,000 Japanese households with renewable energy per year. Unlike conventional thermal generation, the 35 MW solar energy project will reduce about 22,283 tonnes of greenhouse gas emissions annually and save approximately 35,000,000 litres of water.
The Executive Vice-President and Head of Fixed Income at CDPQ, Marc Cormier, expressed the company’s delight in the partnership, stating that this would provide support for high-quality and essential infrastructure assets contributing to the energy transition following the global rise in the demand for clean energy. Also, The Chief Investment Officer of Vena Energy, Simone Grasso, said that the partnership had aided the expansion of Vena Energy’s debt capital market across the Asia -Pacific. It represents another step decarbonizing the economy which represents another step towards decarbonizing the real economy and accelerating the energy transition across the Asia-Pacific region.”