Gowling WLG acted for Île-de-France Mobilités in its inaugural green bond issue on May 25, 2021. The issue was composed of a 10-year maturity tranche with a total nominal amount of €500 million and a 20-year maturity tranche with a total nominal amount of €500 million, for a total nominal amount of €1 billion.
The net proceeds of the issue will be used to finance or refinance eligible green assets or projects, such as projects aimed at reducing greenhouse gas emissions from passenger travel, in accordance with the general framework entitled "Ile de France Mobilités Green Bond Framework" published by Île-de-France Mobilités. This general framework has been prepared in compliance with the four pillars of the "Green Bond Principles", 2018 edition, published by ICMA:
- use of funds,
- project selection process and evaluation
- funds management and
- reporting on the use of funds and expected impact.
In a volatile and high-stakes market, Île-de-France Mobilités is one of the first issuers in the sector to have committed to aligning with this European standard.
Gowling WLG is particularly proud to support Île-de-France Mobilités in the pursuit of its ambitious strategy for the ecological and energy transition in transportation. Our team has been working with Île-de-France Mobilités for several years and was already by its side for the implementation and updating of its EMTN and Neu CP programs.
For this transaction, Gowling WLG's team consisted of Danhoé Reddy-Girard, partner, and Wendy Au, associate, for the financing aspects, as well as Julie Vuagnoux, counsel, for the public law aspects.