Water Services Corporation’s Green Bonds fully subscribed in record time

Last Updated on Wednesday, 2 August, 2023 at 11:58 am by Andre Camilleri

The Water Services Corporation (WSC) has announced that its first-ever Green Bonds issuance, amounting to €25 million, has been fully subscribed within a matter of hours.

“This remarkable achievement underscores the strong investor confidence in WSC’s commitment to sustainability and its pioneering role in Malta’s green economy,” it said.

The Green Bonds, a first for any Maltese company, were issued as part of WSC’s ongoing efforts to finance environmentally friendly projects. The bonds carry an interest rate of 4.25% and have a 10-year maturity term. The funds raised will be used to finance several Green Projects, including the reverse osmosis plant in Hondoq, solar farms, wastewater treatment aeration, reducing non-revenue water and improving billing efficiencies, and water network infrastructure.

WSC CEO, Karl Cilia, expressed his delight at the positive response to the Green Bonds issuance. “The rapid uptake of our Green Bonds is a testament to the faith our investors have in our commitment to sustainability,” said Cilia. “This is a significant milestone in our journey towards becoming a net zero-impact utility, and we are grateful for the overwhelming support we have received.”

Minister Miriam Dalli praised the initiative, stating that, “the successful issuance of Green Bonds by the Water Services Corporation marks a significant stride in Malta’s journey towards a sustainable future. This initiative not only underscores our commitment to environmental stewardship but also positions Malta as a leader in green finance. I commend WSC for this pioneering effort and for setting a strong example for other companies to follow.”

The success of the Green Bonds issuance marks a new chapter in WSC’s sustainability journey and sets a precedent for other companies in Malta and beyond. WSC is proud to be leading the way in this space and is committed to continuing its efforts to promote sustainability and environmental responsibility.

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