First Green Solar Bond to be issued in Cyprus has met the rigorous criteria for Certification by the Climate Bonds Standard Board. The issuance occurred on July 18, 2023, and is a pivotal moment for climate action and sustainable finance in Cyprus and the East MediterraneanS.S.H Solar Finance PLC, a Cyprus-based company active in the development of photovoltaic parks, is behind this historic issuance. A verification report was prepared by the Institute of Energy for SE Europe (IENE), an Approved Verifier, confirming that the bond meets the organisation's exacting standards.
The proceeds of the SSH Green Bond, estimated at €5.0 million, will be channelled into the construction and operation of a cluster of photovoltaic plants with an installed capacity of approximately 6.7 MW. These plants will be situated in the Dali and Malounta locations in Cyprus and are expected to be operational between 2024 and 2025.
Sean Kidney, CEO of the Climate Bonds Initiative, commented, “This marks a significant step forward in sustainable finance for the region. We view this not just as an investment in renewable energy infrastructure but a start of transitioning to sustainable energy sources.”
“The bond exemplifies what can be achieved when organisations work collaboratively to align financial mechanisms with climate goals. This is about building momentum—creating a scalable model for green investments that can be replicated and refined. We look forward to seeing the positive impacts unfold in Cyprus! and in the broader region".
Costis Stambolis, Chairman of IENE, commented, “This is certainly a milestone for green financing in SE Europe. We look forward working closely with investors in the region interested in attracting financing through the issuance of green bonds. We are most appreciative of working together with CBI on this occasion and the highest issuance standards it represents”.
