Environmental Initiatives in EMEA

Since 2007, our company has provided more than $87 billion in financing for low-carbon and sustainable business activities. As part of our second environmental business commitment we are directing $125 billion in capital, along with significant intellectual capital, to develop solutions to climate change and other environmental challenges. Learn more

In Europe, Bank of America Merrill Lynch continues to lead the way in both the debt and equity markets and providing capital for environmental and sustainable business activities. Whether it is through the use of green bonds or providing the much needed capital to finance clean energy projects, our company is committed to making a positive impact on the environment.

Did you know?

  • Bank of America Merrill Lynch has been involved in the green bond market and underwriting efforts on behalf of clients since the inception of this product more than 10 years ago.
  • Since 2013, BofAML has underwritten pro-rata $24.8bn of Green Bonds. In 2017, BofAML underwrote pro-rata $6.5bn of Green Bonds on behalf of 41 (including munis) unique clients.
  • From 2007 through end of year 2017, Bank of America Merrill Lynch has been the No.1 underwriter of green bonds globally. (Source: Environmental Finance Green Bond Database)

Here are some recent examples of our European climate finance efforts:

Through our debt capital markets:

  • In 2007, we were lead manager of the first ever green bond issuance for the European Investment Bank, and more than 10-years later we continue to further our commitment to supporting sustainable businesses as the largest underwriter of green bonds on behalf of our clients. Led underwriting offerings for clients including the European Investment Bank (five bonds in 2016 totaling $3.6 billion). Proceeds from these bonds are helping to finance various emissions reducing projects.
  • Underwrote green bond to Transport for London (TfL) (£400 million equivalent to $596 million) to fund sustainable transport including capacity improvements and station upgrades on Rail and Underground, bus fleet upgrades and cycling infrastructure.
  • Acted as co-arranger of €978 million (roughly $1 billion) project bonds to re-finance Meerwind, a fully operational 288-MW German offshore wind farm located in the North Sea. The re-financing represents the largest-ever renewable energy project bond and attracted a wide set of investors in both the U.S. and EMEA

Through our Catalytic Finance Initiative:

  • Joined new investors in helping The Rise Fund – a new global impact fund – reach the hard cap of $2 billion. The fund works with entrepreneurs in a variety of sectors, including education, agriculture & food, and energy, to drive positive and measurable societal and environmental impact.
  • Bank of America Merrill Lynch in Europe served as placement agent and joint arranger for Vela Energy in a €404 million solar project bond backed by a portfolio of 35 solar photovoltaic projects in Spain with an output of 157 gigawatt-hours of power.
  • Bank of America Merrill Lynch was one of three placement agents on a $152 million “first-of-its-kind” forestry bond issued by the IFC that allows investors to be paid using carbon credits. The five-year bond was listed on the London Stock Exchange and can pay investors the coupon in cash or carbon credits generated by the Kasigau Corridor project in East Kenya.

Project bonds and asset-backed securities focused on renewable energy are in the early stages of development, but have the potential to attract significant capital from institutional investors interested in fixed-income products that can deliver reliable, competitive returns over long-term periods.

3/19/2018


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