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PRESS RELEASE: Kommuninvest now behind the three largest green bonds ever issued out of Sweden

The third green bond from Kommuninvest, the Swedish local government debt office, met great demand when it was issued on Tuesday. The new USD 500mn 4-year RegS/144A Green Bond was Kommuninvest’s third green bond, following its inaugural USD 600 mn 3-year transaction in March 2016 and the SEK 5 bn 4-year transaction in October 2016. This means that the three largest Green Bonds ever issued by a Swedish entity have been issued by Kommuninvest.

The Kommuninvest Green Bonds finance lending to Swedish municipal investment projects in renewable energy, energy efficiency, green buildings, public transport and water management. As of mid-May, Kommuninvest had built up a green loan book amounting to SEK 19.4 billion (USD 2.2 billion), committing funds to nearly 100 investment projects in 60 Swedish municipalities and county councils/regions.

Comment from Anders Gånge, Head of Funding & Treasury at Kommuninvest:

– With this third green bond, following shortly after the publication of our first green bonds impact report, we feel we have firmly established our green bonds framework in the market. We are again pleased with the strong demand for green bonds from Kommuninvest, and particularly happy to see such a diversified and high-quality order book, with several renowned dark green investors participating.

Kommuninvest expects to continue to grow its green loan portfolio, and to be able to be a frequent issuer of green bonds in multiple currencies. In the build-up phase of the green framework, the strategic focus is on USD and SEK issuance.

– Looking at the pace and direction of Swedish local government investment, we see a lot of potential for further growth in green lending, says Anders Gånge. We estimate that, in a few years, 15-20 percent of our lending will finance green projects.

Tomas Werngren, Kommuninvest’s CEO, believes that local government entities can provide significant contributions towards greening financial markets, which by world leaders has been identified as an important component to achieve global climate objectives.

– In Sweden, the local government sector is driving green bonds issuance. The sector invests well in excess of SEK 100 billion annually, with a clear focus on sustainability and environmental benefits. They are key to achieving Sweden’s ambitious environmental targets.

According to the Kommuninvest Green Bonds Framework, all eligible projects must be approved by its environmental committee, comprising independent environment and climate experts from the Swedish local government sector. The environmental committee audits and finally approves green loan applications, reviews green loan reporting by borrowers and approves investor impact reporting.

Kommuninvest’s role as an aggregator and conduit issuer for cost-efficient public sector investments has been recognized by the OECD, in its report “Green Bonds: Country Experiences, Barriers and Options” published in 2016 in support of the G20 Green Finance Study Group. The complete list of projects financed by Kommuninvest Green Bonds can be found below.

Kommuninvest green bonds have received strong support from environmentally focused accounts including AP3, AP4, AP7, Folksam Group, NIB, SPP Storebrand and United Nations Joint Staff Pension Fund. Among investors in Tuesday’s USD-denominated Green Bond were Affirmative IM Partners, Amundi, Andra AP-fonden, California State Teachers Retirement System, Praxis Impact Bond Fund and SEB Investment Management.

 

More information

Please see Press points for more information and visit our page about Green Bonds to consult the 2016 Green Bonds Impact Report. The list of eligible projects, approved as of May 16 2017, is available below.

 

About Kommuninvest

Kommuninvest is a municipal cooperation for efficient and sustainable financing of housing, infrastructure, schools, hospitals etc. Together, we get better loan terms than each one individually. Since its inception in 1986, the Kommuninvest collaboration has helped lower the local government sector’s borrowing costs by many billion kronor. Currently, 288 municipalities and county councils/regions are members of this voluntary cooperation, out of a total of 310 Swedish local governments. With total assets of around SEK 360 billion (USD ~41 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. The head office is located in Örebro.

 

Contact information

Anders Gånge, Head of Funding & Treasury,
tel: +46 10 470 87 12, e-mail: anders.gange@kommuninvest.se

Björn Bergstrand, Head of Media Relations / Head of Sustainability,
tel: +46 (0)70-886 94 76, email: bjorn.bergstrand@kommuninvest.se

Carl-Henrik Arosenius, Head of Investor Relations,
mobile: +46 70 600 17 52, e-mail: carl-henrik.arosenius@kommuninvest.se

 

Eligible Projects, Kommuninvest Green Bonds Framework, approved as by May 16, 2017

Project
ID
Borrower Loan amount, SEKmn* Project category Description
1 ESKILSTUNA KOMMUN 165 RENEWABLE
ENERGY
Four new wind power turbines
2 SKELLEFTEÅ STADSHUS AB 650 RENEWABLE
ENERGY
Blaiken wind power plant, phase 2 and 3
3 JÄRFÄLLA KOMMUN 317 GREEN
BUILDINGS
Herresta School in Barkarby district
4 KARLSTADS KOMMUN 900 RENEWABLE
ENERGY
Heden 3 – new bio-fuelled combined power and heating plant (district heating)
5 BORÅS STAD 1 400 RENEWABLE
ENERGY
Sobacken – new bio-fuelled combined power and heating plant (district heating)
6 ÅREHUS AB 44 GREEN
BUILDINGS
New nursery school in Undersåker
7 BIOGASBOLAGET I
MELLANSVERIGE AB
49 RENEWABLE
ENERGY
Facility for biogas production located at Mosserud recycling station in Gottebol
8 TRELLEBORGS KOMMUN 241 PUBLIC
TRANSPORTATION
Co-financing for regional train network Trelleborg-Malmö
9 TROLLHÄTTAN TOMT AB 5 GREEN
BUILDINGS
Energy efficiency measures in two municipal properties
10 TROLLHÄTTAN TOMT AB 43 GREEN
BUILDINGS
Construction of new nursery school
11 KARLSKOGA ENERGI OCH
MILJÖ AB
35 WATER
MANAGEMENT
Upgrading of wastewater treatment facility to comply with EU requirements regarding nitrogen purification.
12 KARLSKOGA ENERGI OCH
MILJÖ AB
250 RENEWABLE
ENERGY
Refinancing of 24 existing small scale hydropower plants.
13 KARLSKOGA ENERGI OCH
MILJÖ AB
190 RENEWABLE
ENERGY
Facilities for district heating, including combined power and heating plant and distribution pipelines.
14 GÄVLE KOMMUN 120 RENEWABLE
ENERGY
Forsbacka biogas production facility
15 KOMMUNFASTIGHETER I
KNIVSTA AB
164 GREEN
BUILDINGS
Construction of the new Högås school (Sweden’s first school built as a passive house)
16 UMEÅ KOMMUN 76 PUBLIC
TRANSPORTATION
Electric buses for local transport.
17 UMEÅ KOMMUN 300 GREEN
BUILDINGS
New nursery schools (Solbacken, Morgonstjärnan & Hedlunda) and new schools (Flurkmark & Storsjö)
18 UMEÅ KOMMUN 268 GREEN
BUILDINGS
Dedicated buildings for public admistration, care and sports
19 UMEÅ KOMMUN 276 GREEN
BUILDINGS
Energy efficiency measures in existing multi-family housing units, including Sustainable Ålidhem area
20 UMEÅ KOMMUN 675 GREEN
BUILDINGS
Production of new low-energy multi-family housing units, including Sustainable Ålidhem area
21 EKSTA
BOSTADSAKTIEBOLAG
119 GREEN
BUILDINGS
Passive houses (Vallda Heberg geriatric care housing unit in Kungsbacka)
22 EKSTA
BOSTADSAKTIEBOLAG
77 GREEN
BUILDINGS
Passive houses (Vallda Heberg senior housing units 55+ in Kungsbacka)
23 SÖDERTÖRNS ENERGI AB 1 200 RENEWABLE
ENERGY
District heating, district cooling and electricity for the Botkyrka, Huddinge and Salem municipalities.

Stockholm

25 TROSABYGDENS
BOSTÄDER AKTIEBOLAG
33 GREEN
BUILDINGS
Multi-family housing in Trosa. 16 apartments based on Kombo housing concept developed by SABO (the Swedish Association of Public Housing Companies).
26 LINDESBERGSBOSTÄDER
AB
104 GREEN
BUILDINGS
Multi-family housing in Lindesberg with 70 apartments (Ålkilsbacken)
27 HÄRJEGÅRDAR
FASTIGHETS AKTIEBOLAG
25 GREEN
BUILDINGS
Multi-family housing in Skansen area, based on Kombo housing concept developed by SABO
28 VÄXJÖ KOMMUNFÖRETAG
AB
50 GREEN
BUILDINGS
Vikaholm nursery school for 160 children, first municipal building in Växjö to obtain environmental certification (Miljöbyggnad Silver).
29 VÄXJÖ KOMMUNFÖRETAG
AB
310 GREEN
BUILDINGS
Pär Lagerqvist school in Växjö for 1,000 students. Highest environmental certification (Miljöbyggnad Gold). >25% of the structure in massive wood.
30 FALU ENERGI OCH VATTEN
AB
217 WATER
MANAGEMENT
New drinking water source for 110,000 people in Falun and Borlänge municipalities
31 LANDSTINGET I VÄRMLAND 1 050 GREEN
BUILDINGS
New operations facility at the main hospital in Karlstad. Environmental certification according to LEED Gold.
32 LANDSTINGET I VÄRMLAND 724 GREEN
BUILDINGS
New buildings at the main hospital in Karlstad.  Environmental certification according to EU Green Building.
33 KUMBRO VIND AB 62 RENEWABLE
ENERGY
Co-financing for construction of wind farm with 16 turbines.
34 AB
KARLSBORGSBOSTÄDER
100 GREEN
BUILDINGS
52 apartments in the Strömmen project, Skaraborg.
35 TORSBY BOSTÄDER AB 25 GREEN
BUILDINGS
Multi-family housing with 23 apartments in Torsby.
36 TROLLHÄTTAN TOMT AB 55 GREEN
BUILDINGS
New office building, certification according to Miljöbyggnad (Environmental Building) Silver
37 UMEÅ KOMMUN 54 RENEWABLE
ENERGY
Investment in commercial scale torrefaction unit for production of black pellets, at municipal subsidiary BioEndev.
38 UMEÅ KOMMUN 123 RENEWABLE
ENERGY
Three wind turbines with a total installed capacity of 9.6 MW.
39 AB KRISTIANSTADSBYGGEN 26 GREEN
BUILDINGS
Multi-family housing with 16 units in Vä area, based on Kombo housing concept developed by SABO
40 AKTIEBOLAGET
VINGÅKERSHEM
21 GREEN
BUILDINGS
Multi-family housing with 14 units in Vingåker, based on Kombo housing concept developed by SABO
41 ÄLMHULTS KOMMUN 215 GREEN
BUILDINGS
New Elme School for 800 students, built as a passive house.
43 AKTIEBOLAGET SJÖBOHEM 151 GREEN
BUILDINGS
New energy-efficient swimming facility. Environmental certification according to Miljöbyggnad Silver.
44 FALU ENERGI OCH VATTEN
AB
64 ENERGY
EFFICIENCY
Investment in linking together the district heating networks of Falun and Borlänge through a pipeline, with considerable environmental benefits.
45 FALU ENERGI OCH VATTEN
AB
30 RENEWABLE
ENERGY
Five wind power turbines at Högberget, total capacity 10 MW (20% ownership).
46 FALU ENERGI OCH VATTEN
AB
82 RENEWABLE
ENERGY
Five wind power turbines at Tavelberget, total capacity 10 MW (50% ownership).
47 REGION JÄMTLAND
HÄRJEDALEN
38 RENEWABLE
ENERGY
Wind power turbine, capacity 3 MW
48 SKARA KOMMUN 320 GREEN
BUILDINGS
New Viktoria high school.  Environmental certification according to Miljöbyggnad Silver.
49 ARVIKA FJÄRRVÄRME
AKTIEBOLAG
127 RENEWABLE
ENERGY
Investment in district heating company, installed capacity 74 MWh
50 ARVIKA KRAFT AB 15 RENEWABLE
ENERGY
Construction of solar energy production facility, expected annual production 1 MWh.
51 ARVIKA KRAFT AB 60 RENEWABLE
ENERGY
Investment in 26 existing hydro power stations.
52 HUDDINGE KOMMUN 250 RENEWABLE
ENERGY
Biofuels-based combined power and heating plant (Igelsta), jointly financed by Botkyrka, Huddinge and Salem municipalities in Stockholm area.
53 BOTKYRKA KOMMUN 410 RENEWABLE
ENERGY
Biofuels-based combined power and heating plant (Igelsta), jointly financed by Botkyrka, Huddinge and Salem municipalities in Stockholm area.
54 MALÅ KOMMUN 37 GREEN
BUILDINGS
Multi-family housing in Malå municipality, based on ”Trygga Boendet” and Kombo housing concept developed by SABO
55 BORÅS STAD 1 100 WATER
MANAGEMENT
Sobacken – new wastewater treatment plant
56 LESSEBO FJÄRRVÄRME AB 177 RENEWABLE
ENERGY
Expansion of biofuels-based district heating plant
57 SYDVÄSTRA STOCKHOLMSREGIONENS VA-VERKSAKTIEBOLAG, SYVAB 268 WATER
MANAGEMENT
Upgrading of Himmerfjärden wastewater treatment plant, leading to reduced nitrogen and phosphorus emissions and increased biogas production.
58 KIFAB I KALMAR AB 100 PUBLIC
TRANSPORTATION
Railway maintenance depot in Kalmar.
59 HALMSTADS RÅDHUS AB 20 GREEN
BUILDINGS
Energy-plus multi-family house in Lyngåkra.
60 HALMSTADS RÅDHUS AB 125 WASTE
MANAGEMENT
Optical waste sorting facility at Kristinehed.
61 VAGGERYD-SKILLINGARYDS
BOSTADS AB
30 GREEN
BUILDINGS
Multi-family housing with 16 units at Liljedal, based on Kombo housing concept developed by SABO.
62 VAGGERYD-SKILLINGARYDS
BOSTADS AB
30 GREEN
BUILDINGS
KV Mjölnaren
63 FINSPÅNGS KOMMUN 70 GREEN
BUILDINGS
Multi-family housing unit with 32 apartments (Majoren).
64 MJÖLBY SVARTÅDALEN
ENERGI AB
216 RENEWABLE
ENERGY
Expansion of biofuels-based combined power and district heating plant in Mjölby.
65 SKELLEFTEÅ STADSHUS AB 179 RENEWABLE
ENERGY
Blaiken wind power plant, phase 4
66 SKELLEFTEÅ STADSHUS AB 71 ENERGY
EFFICIENCY
Flue gas condensation investment at the Hedensbyn bioenergy production plant.
67 KALMARHEM AB 30 GREEN
BUILDINGS
Multi-family housing with 31 units at Vallmon, based on Kombo housing concept developed by SABO.
68 VIMMERBY ENERGI & MILJÖ
AB
331 RENEWABLE
ENERGY
New biofuels-based combined power and heating plant at Tallholmen.
69 RÄTTVIKS TEKNIK AB 85 WATER
MANAGEMENT
Upgrading and expansion of Rättvik wastewater treatment facility
70 LEKSANDS VATTEN
AKTIEBOLAG
115 WATER
MANAGEMENT
Upgrading and expansion of Leksand wastewater treatment facility
71 SKÖVDE KOMMUN 130 GREEN
BUILDINGS
Billinge school (phase 1), certification according to Miljöbyggnad (Environmental Building) Gold
72 SKÖVDE KOMMUN 85 GREEN
BUILDINGS
Billinge school (phase 2), certification according to Miljöbyggnad (Environmental Building) Gold
73 SKÖVDE KOMMUN 30 GREEN
BUILDINGS
Construction of Bissgården pre-school
74 SKÖVDE KOMMUN 30 GREEN
BUILDINGS
Construction of Claesborg pre-school
75 SKÖVDE KOMMUN 30 GREEN
BUILDINGS
Construction of Tidan pre-school
76 KOPPARSTADEN AB 100 GREEN
BUILDINGS
Construction of Vitsippan multi-family housing unit, certification according to Feby 12 (passiv house)
77 LUDVIKA KOMMUN 39 GREEN
BUILDINGS
Energy efficiency measures in multiple municipal properties.
79 ALE KOMMUN 180 GREEN
BUILDINGS
Ale school, built with passive house technology
80 MARIESTADS KOMMUN 250 GREEN
BUILDINGS
Prisma and Unica schools, certification according to Miljöbyggnad (Environmental Building) Silver
81 NORRENERGI & MILJÖ AB 1 180 RENEWABLE
ENERGY
Balance sheet financing. 99% of Norrenergi energy production is from renewable sources.
82 VÄSTRA MÄLARDALENS
ENERGI OCH MILJÖ AB
100 ENERGY
EFFICIENCY
Connecting the Köping and Arboga district heating grids and increasing the use of waste heat recovery
83 KUMBRO VIND AB 15 RENEWABLE
ENERGY
Wind power turbines at Ryssbol, total capacity 13 MW
84 HÄLLEFORS BOSTADS AB 11 GREEN
BUILDINGS
Energy-efficient nursery school, with possibility to transform into senior housing if need arises
87 AB TIERPSBYGGEN 68 GREEN
BUILDINGS
Multi-family housing in Tierp, Badhusgatan phase 1. Based on Kombo housing concept developed by SABO (the Swedish Association of Public Housing Companies
88 AB TIERPSBYGGEN 80 GREEN
BUILDINGS
Multi-family housing in Tierp, Badhusgatan phase 2. Based on Kombo housing concept developed by SABO (the Swedish Association of Public Housing Companies
89 AB TIERPSBYGGEN 60 GREEN
BUILDINGS
Student housing with 52 units (Högbergsparken).
90 KRISTIANSTADS KOMMUN 16 ADAPT
MEASURES
Construction of flood protection barrier
91 AB EIDAR TROLLHÄTTANS
BOSTADSBOLAG
59 GREEN
BUILDINGS
Multi-family housing in Trollhättan (Skördetröskan), 26 apartments
92 HEDEMORA
KOMMUNFASTIGHETER AB
29 RENEWABLE
ENERGY
Wind power investment
93 NORRENERGI AB 70 RENEWABLE
ENERGY
Balance sheet financing. 99% of Norrenergi energy production is from renewable sources.
94 ENKÖPINGS KOMMUN 150 GREEN
BUILDINGS
Construction of low-energy Munksund preschool and school
95 ÄLVKARLEBY KOMMUN 300 GREEN
BUILDINGS
Construction of senior housing unit for 100 elderly
96 NORRA DALARNAS
LOKALER AB
200 GREEN
BUILDINGS
New Älvdalen school
97 VIMMERBY KOMMUN 189 RENEWABLE
ENERGY
New biofuels-based combined power and heating plant at Tallholmen.
98 NYKÖPINGS KOMMUN 226 GREEN
BUILDINGS
New Alpha upper school in Nyköping
99 NYKÖPINGS KOMMUN 55 GREEN
BUILDINGS
New Svalsta preschool in Nyköping
100 NYKÖPINGS KOMMUN 55 WATER
MANAGEMENT
Upgrading and expansion of the Brandholmen wastewater treatment plant
avloppsreningsverk
101 JÖNKÖPINGS RÅDHUS AB 400 GREEN
BUILDINGS
Construction of Strandängen, a new city district
Total, SEK million 19 423
* Committed loan amount