Edmond de Rothschild Asset Management and Johes subscribe to a 30-million-euros green bond issued by Kyotherm, a Yield Company specializing in the financing of renewable heat and energy saving projects
Paris, September 3, 2020 – Specializing in the co-development, financing and management of renewable heat generation and energy saving projects, Kyotherm accelerates its development thanks to a first green bond issuance of 30 million euros. “BRIDGE” infrastructure debt fund managed by Edmond de Rothschild Asset Management (“EDRAM”) provided 28.5 million euros alongside Johes, which subscribes the remainder.
To date, Kyotherm has had an easy access to capital with 8 roundtables carried out with a diverse set of investors, including “BPI”, the French National Investment Bank. This first corporate bond issuance will allow the company, which has signed contracts for 250 million euros, to diversify its sources of funding (in addition to equity and project financing) in order to offer financing solutions even more attractive to its partners.
The proceeds will be used to finance or refinance renewable energy generation projects (geothermal, biomass, solar thermal, waste heat) or energy savings projects, in accordance with the requirements of the taxonomy of the European Union and of the Green Bond Framework published by Kyotherm. The green bond issue has been certified by Sustainalytics. The Green Bond Framework and the Second Opinion emitted by Sustainalytics are both available on the website of Kyotherm.
Kyotherm’s portfolio represents 100 MW of renewable energy projects and 250 GWh of green energy generated per annum
Kyotherm owns a portfolio of over 100 MW of assets, of which approximately 60 MW are in operation and 40 MW under construction. The group targets to own 650 MW of projects by 2024. The robustness of the business model of Kyotherm as well as the diversification of its portfolio (both geographically and technologically) have greatly contributed to the success of this operation.
Arnaud Susplugas, Founder and President of Kyotherm: “The success of this issuance at attractive financial conditions, in the midst of the global sanitary and economic crisis, proves the relevance of Kyotherm’s model, the resilience of our “green” infrastructures and the professionalism of our team whom I wish to thank. We welcome the strict ESG labeling of Kyotherm’s activity by Sustainalytics. With our usual ratios, these 30 million euros will lead to a reduction in CO2 emissions of around one million tons over the life of our projects, a very significant impact made possible by Kyotherm’s focus on projects with high carbon footprint.”
“We are pleased to support Kyotherm and to contribute to its development in the field of green energy”
David Falcon, Managing Director at EDRAM: “We are pleased to support Kyotherm and to contribute to its development in the field of green energy. This operation allows us to demonstrate our ability to absorb the impact of the Covid-19 crisis, both operationally and financially, and to continue the deployment plan of the infrastructure debt platform, BRIDGE, of Edmond de Rothschild Group through its higher yield strategy. Kyotherm is a transaction that meets the ambitious mandate given by our investors, and strengthens our leadership position in the field of energy transition. We are proud to have offered an innovative solution, meeting the needs of Kyotherm.”
Jean-François Vaury, President of Johes: “The company Johes, a shareholder of Kyotherm for several years, is pleased to also participate in this new form of financing which validates the significant role that Kyotherm plays in the field of renewable heat.”
