The amount of money invested in Environmental, Social and Governance (ESG) funds has increased exponentially over the last decade and continues to grow. Companies, boards and shareholders are increasing their focus on ESG strategy at the same time that banks, alternative capital providers and other investors are increasing their attention to ESG criteria in debt transactions. As part of this growing focus, ESG features are appearing with increasing prevalence in the bond and loan markets, and new opportunities within sustainable debt finance are opening up as a result of major financial institutions making their own commitments with respect to ESG criteria.
Vinson & Elkins is at the forefront of this sector and has experience with, and extensive knowledge of “Green Bonds,” “Green Loans,” and other activity-based and behavior-based sustainability linked debt instruments. Relying on the leadership of our market leading capital markets and finance practices combined with the unparalleled experience of our vast corporate governance and environmental teams, Vinson & Elkins is uniquely positioned to assist clients with their sustainability strategies and debt transactions.
Initial purchasers in the $400 million green bond offering by Sunnova Energy Corporation with proceeds intended to refinance, in whole or in part, existing or new eligible green projects
Select Energy Services in a $270 million asset-based revolving credit facility, which includes sustainability-linked pricing benefits for increasing its recycled produced water and superior employee safety performance
Neinor Homes, S.A., a leading sustainable real estate residential development platform in Spain and Europe, in its €300 million green bond offering with proceeds intended to fund sustainable residential projects and its related revolving credit facility
Energy Innovation Capital and Pearl Energy Investments, on behalf of their portfolio company, Streamline Innovations, Inc. as borrower in a $20 million senior secured, sustainably linked, delayed draw term loan
Underwriters to Pattern Energy Group Inc. in its $350 green bond offering with proceeds intended to fund, in whole or in part, renewable energy projects
Talos Energy in a $950 million syndicated, senior secured, reserve-based revolving credit facility, including investment capacity for carbon capture and storage
Vía Célere, the largest homebuilder in Spain and Värde Partners portfolio company, in its €300 million green bond offering with proceeds intended for, among other things, the construction of energy efficient residential buildings in Vía Célere’s portfolio across Iberia
Mizuho Bank as lead left arranger, administrative agent, and lender under a $1.4 billion senior unsecured syndicated sustainability-linked revolving credit facility provided to DCP Midstream, LP (NYSE: DCP)
Underwriters to Pattern Energy Group Inc. in its $225 million green bond offering with proceeds intended for the repayment of outstanding indebtedness incurred with the purchase of the company’s interests in wind projects and the acquisition of non-controlling interests in a gulf wind project