London Stock Exchange welcomes Northern Powergrid on celebrating their inaugural green bond issuance on the Sustainable Bond Market

Northern Powergrid is delighted to become the first GB electricity distribution network operator to power its business investment plans via green finance, issuing its inaugural green bonds under the recently published Green Finance Framework.


Northern Powergrid is the electricity distribution network operator for the North East, Yorkshire and northern Lincolnshire.  The company delivers power safely and reliably to 8 million customers across 3.9 million homes and businesses. Its network consists of more than 63,000 substations and 60,000 miles of overhead power lines and underground cables, spanning some 9,650 square miles.


The Green Finance Framework, titled “A Framework for Decarbonisation”, sets out Northern Powergrid’s new eco-focused funding strategy to support its multi-million pound investment plans to power and enable the growth of low-carbon energy across the North East, Yorkshire and northern Lincolnshire now and into the future.


On 22 June 2020, Northern Powergrid (Northeast) plc celebrates the listing of its 42 year GBP 300 million bonds on the London Stock Exchange’s Sustainable Bond Market. The proceeds will be invested in projects that enable and support the take-up of low-carbon energy as well as lowering its environmental impact throughout Northern Powergrid (Northeast)’s network licence area and across the communities it serves. 


Tom Fielden, Northern Powergrid’s Finance Director, commented:
 “Our ‘A Framework for Decarbonisation’ financing strategy sets out the link between the funding we attract from the financial markets and the way the investment it supports can deliver long-term environmental benefits for our customers across the North East, Yorkshire and northern Lincolnshire. I am delighted that the inaugural green bonds issued under the framework have been listed on the London Stock Exchange’s Sustainable Bond Market, it is a privilege to be the first electricity distribution network operator to have green bonds listed.”


“Decarbonisation of power is a vital part of the way we’ll move to a zero-carbon future, essential for the UK’s 2050 target, as well as the global target of the Paris Agreement. Electricity networks like Northern Powergrid’s have a central role in enabling this transformation, providing the regional infrastructure to link generators and customers in new and flexible ways to drive change and unlock capacity for new technologies.”  

 

Shrey Kohli, Head of Business Development and Product, Multi Asset Primary Markets, London Stock Exchange said:

“We are delighted to support Northern Powergrid’s inaugural green bond through London Stock Exchange’s Sustainable Bond Market, which champions issuers committed to a low carbon future and improves transparency for investors. There has been an undeniable shift in momentum in green and sustainable financing in the UK, as companies incorporate sustainable approaches into their strategies and in support of the UK government target of net-zero by 2050. London Stock Exchange Group continues to be at the forefront of sustainable financing, working with market participants globally to develop products and services that support the transition to a low carbon economy.”
 

Northern Powergrid is  part of Berkshire Hathaway Energy and share its vision for a secure and sustainable energy future. 

The banks placing the issuance were Lloyds Bank Corporate Markets, NatWest Markets and Santander Corporate Investment Banking. NatWest Markets advised on the Green Finance Framework.
 

Quick facts

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Market: Main Market
Instrument market cap (£m)
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Listing/Admission to trading
17 Jun 2020
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