ING part of the UK's first water sector green bond
Netherlands-based bank ING was joint mandated lead arranger in the 250 million pound bond for Anglian Water, the UK's largest water company.
This green bond was announced by Anglian Water on 2 August and is the country's first in the water sector.
Funds raised by this bond will be used to finance projects related to drought, resilience, energy efficiency and water recycling.Anglian Water opened the London Stock Exchange on 1 August, following the launch of its green bonds.
Love every drop strategy
‘Issuing the very first public utility sector green bond amplifies our commitment to sustainability, and demonstrates how we operate as a leading business’, said Anglian Water's Group Treasurer Jane Pilcher.
The bond is in line with Anglian Water's Love Every Drop sustainability strategy, which includes cutting pollution, waste and water leakages.
This earned the company the Business In The Community's Responsible Business of the Year 2017-award.
Hans Biemans, head of Sustainable Markets at ING, said: 'ING is committed to creating sustainable financing options for its clients, and green bonds are becoming increasingly popular. We are pleased to have worked with Anglian Water on this deal.'
Anglian Water aims to become a carbon-neutral business by 2050. It has already reduced its level of embodied carbon by 55 percent from 2010 and aims to reach 60 percent carbon reduction by 2020.
Operating in one of the driest, yet fastest growing regions of the UK, in East of England, the company invested 2.1 billion pound between 2010 and 2015 in order to improve its services in the area. It will invest a further 5 billion between now and 2020 to continue these improvements.
In the long term, Anglian Water has also committed to enable sustainable economic and housing growth in the region, and make it resilient to drought and flood risks.
About Anglian Water
Anglian Water is the largest water and wastewater company in England and Wales by geographic area. It supplies water and water recycling services to more than six million customers in the East of England and Hartlepool.
The ING Group is a Dutch multinational banking and financial services corporation, headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services.
ING reported a full-year 2016 net profit of 4,651 million euro, an increase of 16 percent year-on-year.
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Completion of Anglian Water’s Grafham resilience scheme to store 44 million liter of drinking water.