Italian multinational utility Enel has won two awards for its commitment to improving the sustainable financing market.
The utility has been recognised by capital market intelligence firm International Financing Review with the company’s 2019 ‘ESG Issuer of the year’ and ‘Yankee Bond’ awards.
Enel issued the world’s first general-purpose bonds linked to UN Sustainable Development Goals (SDG) on the US dollar and euro markets.
The $1.5 billion SDG-bond listed on the US market was oversubscribed by almost three times, with total orders of approximately $4 billion.
The bond is linked to SDG 7 – “Affordable and clean energy” – and will help Enel to expand its renewables portfolio by 55% from the current level by December 2021.
The €2.5 billion bond has a total order of about €10 billion and is linked to SDG 13 (Climate action) goals.
The bond will help the utility to reduce greenhouse gas emissions by 2030 equal to or less than 125 g of carbon emissions per kWh.
Alberto de Paoli, Chief Financial Officer at Enel, said: “These awards are an important recognition of our commitment towards sustainability, which is not only fully integrated into our business model but is also increasingly a key driver of our financing strategy.
“The IFR awards underscore the work that went into the introduction of SDG-linked general-purpose bonds in capital markets, a new and ground-breaking tool through which we have demonstrated that sustainability generates real value for companies and their stakeholders.”