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Moody's assigns 'excellent' assessment to 14 mln euro green bond of Slovenia’s GEN-I Sonce

Moody's assigns 'excellent' assessment to 14 mln euro green bond of Slovenia’s GEN-I Sonce Source: The Institute of Financial Services Practitioners

LJUBLJANA (Slovenia), April 2 (SeeNews) – Moody's Investors Service said it has assigned a green bond assessment (GBA) of GB1 (excellent) to the 14 million euro ($15.7 million) seven-year green bonds issued by Slovenian electricity and gas trading company GEN-I Sonce on March 2, 2017.

"Our GB1 assessment of this first issue of green bonds in Slovenia is driven by the use of proceeds to construct qualifying solar power projects, as well as our expectation of comprehensive impact reporting," VP-senior analyst, Anna-Zubets-Anderson, said in a press release on Monday.

According to the rating agency, the assessment is driven by expectation that the net proceeds of the bonds will be used entirely for investments that comply with the green bond principles of the international capital market association (ICMA), including renewable energy, energy efficiency and pollution prevention.

“We expect that the net proceeds from the issuance will be used predominantly to fund the construction of solar power plants on residential homes and commercial properties, as well as their insurance and maintenance,” Moody's noted.

GEN-I Sonce is a fully owned subsidiary of GEN-I group, which is a purchaser and supplier of electricity and natural gas in the wholesale and retail markets throughout Europe.

($ = 0.89088 euro)

GEN-I d.o.o. is among the biggest companies in SEE, for more reference take a look at Top 100 companies