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%.

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.

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“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.