Landmark Year for Green Bond Transactions 2014 saw another record year for renewable energy issuers and borrowers 2014 saw another record year for renewable energy issuers and borrowers in the capital markets with issuance levels more than tripling year on year, with over $35bn issued by over 70 issuers. With development banks such as the EBRD and World Bank traditionally dominating the market, recent growth has been spurred by new issuance from corporations and municipalities. Big issuers that came to market last year included Toyota ($1.75bn), Spain’s Iberdrola ($1bn) and French firms Unibail- Rodamco ($1bn) who all raised proceeds that were specifically allocated to green causes or projects. Green bonds are just one area of growth in the markets. “Acting as Facility and Security Agent we are working on an increasing number of financings related to solar projects” said Chris Eastlake, Loan Agency Relationship Management. “Generally borrowers are UK based with reasonable size facilities of around EUR 40-100m mark”. The European solar market is undergoing continual change, both in the way deals are structured and the level of Government support involved. “In 2012 and 2013 the majority of solar deals we worked on were asset backed and essentially the securitisation of Government feed-in tariffs said Laurence Griffiths, Head of Structured Finance Relationship Management. “More recently the focus has shifted to the loan side with privately placed funds. The deals we are seeing have a   mixture of funding from the construction phase to the final revenue generating site.” U.S. Bank provides the full suite of Trust and agency services for green bonds and renewable energy related deals. Our experienced team can administer both bond and loan financed transactions and we are fully equipped to on-board deals within tight deadlines. Whether the funding vehicle is private in nature or via bonds issued though the clearing systems, our Relationship Management team can offer a one stop solution for your trust and agency requirements. If you would like further information on the transactions we have worked or the trust and agency services we can provide, please don’t hesitate to contact a member of the team.

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