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Hitachi Capital UK unveils US$40m green bond

Hitachi Capital UK's relationship with GRIDSERVE has seen funding provided for electric vehicle chargers and hybrid solar farms. Image: GRIDSERVE.

Hitachi Capital UK's relationship with GRIDSERVE has seen funding provided for electric vehicle chargers and hybrid solar farms. Image: GRIDSERVE.

Hitachi Capital UK has announced a new US$40 million (£29 million) green bond in support of its clean transport and renewables ambitions.

This comes in the form of a three-year senior unsecured medium term note with a single investor - Dai-ichi Frontier Life Insurance Co. – with a coupon of 1.5%.

It is to be used exclusively for the financing of eligible projects under Hitachi Capital UK’s Green Finance Framework, which facilitates the funding of green projects including the provision of leases for battery electric vehicles (BEVs), hybrid solar farms and EV chargepoints.

These technologies form a key part of Hitachi Capital UK's pre-existing relationship with GRIDSERVE, with the company helping to finance its hybrid solar farms, Electric Forecourts and replacement works for the Electric Highway.

It provided £24 million in funding to GRIDSERVE in 2020, announcing a further £10 million in January 2021.

Hitachi Capital is also aiming to convert 100% of its 62,500+ funded car and small van fleet to BEVs by 2030.

Robert Gordon, CEO of Hitachi Capital UK, praised the green bond as "another key milestone in our wider vision of financially supporting clean transportation and renewable energy projects".

The company is planning to issue further green bonds aligned to its commitment that 20% of its assets will support sustainable business projects over the next five years.

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