Banconal organizes its first issue of green bonds

The National Bank of Panama has announced the structuring of its first issue green bondstogether with Prival Bank, plays an important role in the development of the market for sustainable securities products, aligning operations with the zero emission scenario.

With this issue, Banco Nacional de Panama joins the global trend of offering investors the opportunity to participate in projects with a double effect, financial and environmental, through the financing of responsible and sustainable projects, through green bonds. certified by the Climate Bonds Initiative (CBI) ) and confirmed by Pacific Corporate Sustainability.

The bells are ringing for the release of this one Revolving green bond program worth up to 200 million dollars was carried out on the Latin American Stock Exchange (Latinex).

The bonds will enable the production of renewable energy from the Toabré SA (PET) wind farm.

“This issue of green bonds, in addition to meeting banking criteria, has the value of a socially responsible investment, contributing to guaranteeing access to affordable, reliable and modern energy services,” said Javier Carrizo Esquivel, General Manager of Banco Nacional de Panamá.

The main bank in the country assures that it is being put into service with this action sustainable financial innovationthus contributing to Panama’s climate change mitigation strategy in line with the country’s commitments under the Paris Agreement and the Sustainable Development Goals (SDG) Agenda until 2030.

Wind energy contributes to the diversification of Panama’s energy matrix, helping the country advance in its commitment to increase electricity generation from renewable sources by 70% by 2050.

Carrizo Esquivel pointed out that “the entity hopes that this experience will inspire more issuers in Latin America to opt for financial instruments that show both good financial performance and great impact on the sustainable development agenda.”

Banconal promotes responsible management in the financial industry based on ESG (Environment-Social-Governance) criteria to promote a Panama that is economically competitive, socially just and environmentally sustainable, framed in its strategic map.

PET is the first wind energy project located in mountains of Panamalocated in the province of Coclé, district of Penonomé, in the district of Toabré.

This project will provide clean and sustainable energy to the national energy system, generating 66 MW of electricity from an estimated 235 MWH per year.

Wind energy represents 7% of the installed capacity for electricity production in Panama. The 2020 to 2034 expansion plan planned by the electricity transmission company (ETESA) foresees the addition of approximately 500 MW of wind capacity to the interconnected system.