The first federally sanctioned Green Bond is going on sale! Insured by XL Capital and rated AAA, it’s the first of $2 billion allocated by the US Treasury to four large projects around the country. This first issue for $238 million is from the Syracuse Industrial Development Authority for the Destiny USA project in upstate New York.
Citi and Lehman Brothers are co-underwriting the ground-breaking bond issue to finance The Destiny USA project, which will be the world’s largest green building and the first phase of a retail, hospitality and entertainment destination – a “retail city” – powered entirely by renewable energy. When complete, the Destiny USA project will total $20 billion.
Said Senator Charles Schumer (D-NY), who championed the Green Bonds proposal as an amendment to the American Jobs Creation Act 2004, “This marks the beginning of an era when sustainable design, energy conservation, and renewable energy sources get extra credit on Wall Street. Our country can continue to grow through climate positive initiatives like this one.
The pilot Green Bond program provides tax-exempt financing capacity for revolutionary energy conserving and environmentally beneficial development projects. Projects from around the country competed for the designation. Those selected, including Destiny USA, have committed to integrate renewable energy and green construction on a very large and visible scale, unlike anything that has ever been done before.
Loading...