Apicorp’s $750mn green bond oversubscribes three times

The US-denominated five-year benchmark issuance, the first green bond in the Mena (Middle East and North Africa) region issued by an energy-focused investment institution, garnered $2.2bn in orders from more than 80 institutional and sovereign investors.In terms of geographic distribution, investors from outside the Arab region accounted for 93% of the total subscribers of the issuance, with 45% based in the UK and Europe. Notably, 63% of the subscribers are strictly ESG (environment, social and governance)-focused investors, said Apicorp, whose total funding to Qatari institutions currently amounts to about $550mn.“The shift to more sustainable energy solutions is no longer an option, it is a must, and we at Apicorp are here to accelerate this shift within the region. Through our debut green bonds, Apicorp opens new investment avenues to build a more sustainable future for the Arab world and give millions of people access to safer, cleaner, and more affordable energy sources,” Dr Ahmed Ali Attiga, chief executive of Apicorp, said.All projects funded by Apicorp using these green bonds will be aligned with the United Nations Sustainable Development Goals (SDGs), with a focus on renewable energy, green buildings, pollution prevention and control, and low-carbon technologies and solutions.A designated Green Bond Committee (GBC) will oversee the evaluation process of the projects to ensure their compliance with Apicorp’s recently launched ESG and Green Bond Frameworks, alignment to best practices, and that they support local and national energy sustainability strategies.In addition, Apicorp plans to issue an annual green bond report on the environmental impact of the bonds to ensure stakeholder visibility.The green bond framework is in alignment with the International Capital Market Association’s (ICMA) Green Bond Principles 2021. In addition, the framework enjoys a second party opinion from V.Etarget="_blank"'>