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PUB raises S$800 million in inaugural green bond issuance

Proceeds will finance projects to strengthen Singapore's water security and sustainability. 

PUB raises S$800 million in inaugural green bond issuance

The Lower Seletar Reservoir Floating Solar Farm. (Photo: PUB)

SINGAPORE: National water agency PUB has raised S$800 million through its inaugural green bond issuance.

PUB said in a press release on Friday (Sep 2) that proceeds from these bonds will finance projects to strengthen Singapore’s water security and sustainability.

Chief executive Goh Si Hou said that the move will accelerate the agency's goal of achieving a greener water system.

The 30-year fixed rate green notes received "strong interest" from investors and were about two times subscribed, said PUB. 

The notes, which have a coupon of 3.433 per cent per annum payable semi-annually, were issued on Aug 31 this year, and will mature on Aug 30, 2052. 

DBS Bank and United Overseas Bank Limited were the joint lead managers and book runners for the bonds. 

Net proceeds of the notes will be used to fund planned and future eligible green projects under PUB’s green financing framework. The agency said last month that this framework will ensure that the green bonds adhere to market best practices, including strong governance and "clear eligibility criteria to evaluate and identify green projects that have a positive impact on the environment".

Projects under the framework include the deployment of floating solar photovoltaic panels on reservoirs to harness renewable energy and implementing decarbonisation solutions in water plants.

"With climate change and projected increase in future water demand, there is greater imperative to ensure our water system remains resilient and sustainable, while ensuring that we manage our resources efficiently and mitigate our impact to the environment," said PUB.

Mr Goh noted that water resilience and sustainable development have always been integral to PUB’s mission and incorporated into its development projects.

"Going forward, we are pioneering efforts to reduce carbon emissions from our operations through research and innovation, as well as adopting emerging technologies and new operating models."

Source: CNA/ic(zl)
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