ADB Invests $4 Million in Georgia’s First Locally Listed Green Bond
The Asian Development Bank (ADB) invested $4 million in a green bond issued by Georgian Renewable Power Operations (GRPO), which will use the funds to support its ongoing operations.
The investment will also provide additional capital for GRPO’s parent company, Georgian Renewable Power Company Group JSC, to support its renewable energy business.
ADB’s investment forms part of an $80 million issue by GRPO of a 5-year green bond—Georgia’s first domestically-listed green bond and the largest bond to be listed on the Georgian Stock Exchange.
ADB will also administer a $4 million subscription to the bond by Leading Asia's Private Infrastructure Fund (LEAP).
“ADB’s assistance will support the further development of Georgia’s local capital market through the first domestic green note and largest bond to be listed in the country, This investment builds on our track record as an anchor investor in Georgia’s past green bonds and shows how our involvement in these and other debt instruments can help our members to meet their climate goals.” said ADB Private Sector Operations Department Senior Investment Specialist David Urbaneja-Furelos.
“I am delighted to announce that GRPO successfully issued an $80 million green bond. The transaction met with considerable interest from investors, being able to access capital even during the current unprecedented times, We are thankful to ADB for playing a key role as one of the strategic investors in the note,” said Georgia Capital Chairman and Chief Executive Officer Irakli Gilauri.
GRPO operates a portfolio of five renewable power projects including four hydropower plants with a total installed capacity of 50.4 megawatts, and Georgia’s only wind power plant. In 2020, ADB participated in a green bond issued by GRPO’s precedent company, Georgia Global Utilities JSC.
GRPO is a wholly owned subsidiary of the GRPC Group which is wholly owned by JSC Georgia Capital, JSC Georgia Capital is 100%-owned by Georgia Capital PLC, which is listed on the London Stock Exchange.
LEAP was established in 2016 with a $1.5 billion capital commitment from the Japan International Cooperation Agency, It is focused on delivering high-quality and sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and offer accessible and affordable health care, education, and communication services to ADB’s developing members.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
