April 25 (Renewables Now) - Royal Bank of Canada (TSE:RY), or RBC, has launched its maiden green bond offering, seeking to raise EUR 500 million (USD 557m) to back renewable energy and green building projects.
Funds from the sale of the five-year securities will go for a portfolio of new and existing assets, mainly in the above-mentioned categories, the bank announced on Wednesday. "The issuance of green bonds will further diversify our funding sources and satisfy the needs of investors that have green mandates," said David Power, vice president corporate treasury at RBC.
Other projects that could be financed with the fresh proceeds are clean transportation, sustainable water and wastewater management, energy efficiency and pollution prevention and control projects.
(EUR 1.0 = USD 1.114)