January 24 (Renewables Now) – The Navarre government said Wednesday it would resort to the sustainable bond market for the first time to issue up to EUR 50 million (USD 56.7m) in green and social bonds.
The proceeds from the green bond issue will be allocated to the development of renewable energy projects, energy efficiency, prevention and control of pollution, sustainable water and wastewater management and green buildings.
Funds obtained from the issue of social bonds will go towards affordable housing, job creation in the small and medium-sized enterprises (SMEs) sector, improving services for the vulnerable population, among other objectives.
The Navarre government appointed an interdepartmental committee that will prepare the framework for the issue and pick projects accordingly. The government’s department of finance and financial policy will work on getting the most favourable conditions on the market.
The disbursement of funds is scheduled for April, the Navarre government said.
(USD 1.0 = EUR 0.88)