Cadent, has today (12/03/2021) priced and agreed its second issuance under its Transition Bond Framework – a nine-year EUR 625 million bond - to invest in the evolution of the gas distribution network.
Innovative transition bonds are designed to help issuers shift to greener business activities and decarbonise their operations.
The move by Cadent, is part of the company’s commitment to help deliver a low-carbon economy and reduce greenhouse gas emissions by 2050.
Cadent will use the proceeds of the bond to replace pipeline to facilitate in the future to carry hydrogen and other low-carbon gases and reduce methane leakage.
David Moon, Director of Treasury at said, “Cadent is delighted to once again issue a transition bond. This type of financing has an important role to play in fostering the transition to a low-carbon economy in line with our strategy of improving performance and service levels and delivering more sustainable outcomes for our customers, stakeholders and our business.”
Cadent published this week its Impact Report after issuing the UK first transition bond in March 2020.