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March 24, 2021

Hitachi capital UK launches sustainability strategy with $40m green bond

Hitachi Capital has announced a $40m green bond under Hitachi Capital UK’s EMTN programme, which will be used for the financing of eligible projects in line with the recently published by the company paper, Green Financing Framework.

By Yoana Cholteeva

The green bond comes with a three-year senior unsecured medium-term note, with a single investor – Dai-ichi Frontier Life Insurance – possessing a coupon of 1.5%.

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The Green Finance Framework facilitates the funding of green projects, including the provision of leases for battery electric vehicles, hybrid solar farms, and EV charging stations.

Hitachi Capital UK CEO Robert Gordon said: “Issuance of our first green bond marks another key milestone in our wider vision of financially supporting clean transportation and renewable energy projects, which help accelerate electric mobility and address climate change.”

The first Green Bond issuance by Hitachi Capital UK is aligned to its wider vision of financially supporting projects that work towards delivering a net-zero carbon economy.

Dai-ichi Frontier Life Insurance Executive Officer Masakatsu Mizukami said: “Our company manages assets of ¥8.9tn, sourced from insurance premiums from customers throughout Japan.

“As a responsible institutional investor, we have a strong belief that promoting responsible investment contributes towards realising a sustainable society and are actively engaged in SDGs investment.”

The company is planning to issue further green bonds, aligned to its commitment that 20% of its assets will support sustainable business projects over the next five years.

Hitachi Capital UK’s sustainable business aspirations include converting 100% of its 62,500+ funded car and small van fleet to battery electric vehicles by 2030 and the rollout of electric forecourts, hybrid solar farms, and electric hubs across the UK, as part of their relationship with GRIDSERVE.

Hitachi Capital UK obtained an independent Second Party Opinion on its framework from ESG research and ratings provider Sustainalytics, which has confirmed alignment with the Green Bond Principals.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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