January 28 (Renewables Now) - Cyprus is mulling over options for issuing its first green or sustainability bond in a deal that would bring it at least EUR 500 million (USD 566.5m), an unnamed official at the country’s debt management agency told Reuters.

According to the person familiar with the matter, an offering could be launched as soon as next year. Still, the plan has not been crystalized and needs to be approved by the government. The insider, who preferred to remain anonymous, added that time is needed as the debt management agency will have to create the necessary infrastructure to issue and track a potential green bond.

While a proposal for a green bond is being considered, Cyprus might also undertake a sale of sustainability bonds. Funds from this kind of offering can be allocated both for green and social projects.

Cyprus has set a goal of achieving a 19% share of energy from renewable sources in its gross final consumption by 2030.

(EUR 1.0 = USD 1.133)

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