Climate Bonds Initiative certifies $60 million green bond for Ivorian biochar
In the UK, Climate Bonds Initiative has Certified the $60 million green bond issued by Valency International Pte Ltd, marking the first bond Certified under Climate Bonds’ new Bioenergy Criteria. The bond, which received a 1.5°C-aligned Use of Proceeds classification, represents an important milestone in expanding science-based Certification to bioenergy projects and supporting investment in climate-aligned industrial development in emerging markets.
The transaction is backed by a $60 million guarantee from the Green Guarantee Company, managed by the Development Guarantee Group, and was arranged by HSBC, with Legal & General (L&G) as the sole investor.
The proceeds of the green bond, to be listed on the Vienna Stock Exchange, will be used to finance an integrated and circular Cashew Waste Value Park in Côte d’Ivoire, generating value from cashew nut shells and by-products to produce industrial bio-oils and green energy, as well as a green warehousing facility for storage.
The transaction demonstrates how institutional capital can be mobilised towards climate-focused infrastructure and industrial development projects in emerging markets through innovative guarantee structures.
The $60 million is part of Valency’s overall $150 million investment program to build an integrated and circular cashew ecosystem in Côte d’Ivoire, capturing full value from cashew nut waste products.
Category: Fuels
