EnVolt has announced the inaugural issue of $11Million Green Project Bonds under its $ 45Million Multicurrency Green Bond programme.
The company is the renewable energy development arm of ENL Group (“ENL”), a diversified investment holding company in Mauritius, is engaged in the construction of 13 solar roof and ground mounted facilities across the island with an aggregate capacity of 14 MWh and an estimated project cost of $15Million.
The issuance represents a major milestone for the Mauritian debt capital markets. It is the first time, in the country, that a renewable energy project is financed by a bond issue. It is also the first Green Project Bond issued under the Green Bond Principles 2021 of the International Capital Market Association (ICMA). In line with the FSC Guidelines and international best practices, ENL’s Green Bond Framework was independently reviewed by Morningstar Sustainalytics. FSD Africa, the UK’s financial sector development organisation, provided technical support on the bond programme, as part of its wider Green Bonds programme.
The bond, which was rated by CARE Ratings Africa, raised fixed rate financing in Mauritian Rupees with a tenor of up to 17 years and attracted a broad investor base comprising banks, asset managers and pension funds. Mauritius Commercial Bank (MCB) Ltd was the largest investor in the bonds.
The construction of 13 solar roof and ground mounted facilities aligns seamlessly with and contributes to the Mauritian government’s ambition to achieve 60% renewable energy production by 2030.
Mauritius’ national strategy includes the production of up to 60% of the country’s energy needs from renewable sources by 2030.
“Our green bond program will finance the expansion of our production capacity and enable us to contribute significantly to improve the country’s energy mix and energy security,” says Gilbert Espitalier-Noel, CEO ENL Group.