TCorp’s green bond shows sustainable outcomes for NSW

TCorp has released the first NSW Sustainability Bond Programme annual report Creating a sustainable future which outlines the impact the bond programme is having on sustainable economic and environmental outcomes for NSW.

They had delivered the inaugural 10-year $1.8 billion green bond issue, the largest single-issue green bond to date in the Australian market, on November 2018.

The bond programme had been used to finance three key NSW sustainability projects: the Sydney Metro Northwest, Newcastle light rail and the Lower South Creek Treatment programme.

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The metro was invested in as it offered a low-carbon transport option, with $1.6 billion allocated to the $7.3 billion project.

Similarly, the $650 million Newcastle light rail project received $100 million, as the 2.7km line added reliable travel options to its central business district.

The Lower South Creek Treatment programme received $90 million, which was allocated to the Quakers Hill and St Marys water recycling plants, which serviced the South Creek catchment of Western Sydney.

David Deverall, chief executive at TCorp, said: "The Green Bond had been oversubscribed and raised a record $1.8 billion, which was only possible because of the close collaboration between TCorp, NSW Treasury, the Office of Social Impact Investment and the NSW Department of Planning, Industry and Environment."

Fiona Trigona, TCorp head of funding & balance sheet, said it was essential the bond was subject to independent assurance.

"To ensure its standing in the investment marketplace both in Australia and offshore, our first green bond was certified by the Climate Bonds Initiative," Trigona said.

"EY has performed an assurance assessment of our sustainability bond programme’s post-issuance process, updated framework and annual report."

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