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The Arab Petroleum Investments Corporation (APICORP) said the assets, both loans and equity investments, related to its debut green bond issued in 2021 have reached $335 million as of October 31, 2022.
Eligible green projects in the pipeline for the same period amounted to $420 million, the multilateral financial institution that focusses on energy investments said in a report on Wednesday. The amount is, meanwhile, invested in green bond funds, or in cash, cash equivalents or securities, it added.
APICORP issued $750 million green bonds with a five-year maturity in September 2021 which has been allocated to 10 eligible projects in five countries, including Saudi Arabia, UAE, Egypt, Jordan, and Spain.
The financed projects include solar and wind farms, waste-to-energy plants, and wastewater treatment facilities. Collectively, the projects produce 9.4 Terawatt-hour (TWh) of clean power for nearly 1 million homes while avoiding 20,057,118 of carbon dioxide equivalent (TCO2e) per year.
Some of the largest projects financed via green bonds include Shuaa 2 and Shuaa 3 in the UAE, Sudair One in Saudi Arabia, and Al Fanar Wind Farm in Spain.
Khalid Ali Al-Ruwaigh, CEO of APICORP, said: "By providing a dedicated source of funding for these types of projects, green bonds can help to attract private sector investments and encourage the development of a more sustainable and resilient economy in the MENA region.”
(Writing by Brinda Darasha; editing by Seban Scaria)
