Luz de Tres Picos SA is indirect subsidiary of PCR and operates the Parque San Jorge y El Mataco located in the town of Tornquist, south of the Province of Buenos Aires.
The Negotiable Obligation is aligned to the BYMA requirements to be labeled in the Panel as Green Bond, and its purpose is to refinance liabilities originated in the start-up of the San Jorge and El Mataco Wind Farm, linked to the renewable energy sector, category that presents clear environmental benefits.
In this regard, the president of BYMA, Ernesto Allaria, explained: “It is very gratifying to see and accompany the growing commitment of local stations to generate more and more positive impact on the environment and society, and that BYMA is the meeting place for investment to be transformed into work and development.”
For its part, Juan Giglio, CFO of Petroquímica Comodoro Rivadavia, he claimed: “We are very proud with the great acceptance by investors of our first green emission of Luz de Tres Picos, listed on the BYMA SVS panel. From PCR, we continue to contribute to the development of the Argentine energy matrix, in search of an improvement in sustainability ”.
Meanwhile, Oscar Barrera, director of Capital Markets and Corporate Finance at Balanz -one of the underwriters of the operation-, commented: “The attraction of this tender was in the company’s project and the development of green bonds, the institutional market is increasingly interested in this type of instrument ”.
The tender began on Monday, October 25 at 10 a.m. and ended that same day at 4 p.m., accounting for a total of 173 orders received and issuing US $ 30 million. In addition to Balanz, Banco Santander, BACS, BBVA, Banco Galicia, Banco Itaú, Banco Patagonia, ICBC, Itaú Valores, Max Capital and PPI participated as underwriters.
The issuer has a “Green” rating, prepared by an External Reviewer and is aligned with the four components of the ICMA Social Bond Principles: use of resources (for the refinancing of the liabilities originated for the start-up of the wind farm), process for the evaluation and selection of projects; administration of funds; and reporting up to the full allocation of resources.
In relation to this aspect, Luz de Tres Picos will prepare a synthetic report on the social benefits achieved by the eligible project and will issue a report that includes updated information on the use of the funds from the issuance of the Negotiable Obligations, in which the use of the funds with the environmental benefits achieved with the Eligible Green Project is indicated, including a report on the emissions of greenhouse gases (GHG) reduced or avoided, the renewable energy produced and, the capacity of the renewable energy plant built.
In addition to Balanz, they participated as underwriters Banco Santander, BACS, BBVA, Banco Galicia, Banco Itaú, Banco Patagonia, ICBC, Itaú Valores, Max Capital and PPI.
Denomination Currency: US Dollars
Payment Currency: Pesos at the Applicable Exchange Rate
Integration Currency: Pesos at the Initial Exchange Rate
Interest Rate: 0%
Term: 36 months
How is the BYMA SVS Panel formed?
With this new addition, which adds to that of CEILING happened during this week and to SION in September; Currently the Panel is made up of 13 bonds in order to contribute to the improvement of the environment and social problems.
In broader terms of sustainability, 5 stations are already part of the BYMA Corporate Governance Panel. At the same time, the Sustainability Index already has 3 rebalances at the local level.
These types of developments promote the creation of conditions for the entire ecosystem to evolve in terms of sustainability.