Toronto/Montreal, March 1, 2017 -- CoPower Inc., a leading Canadian clean energy investment platform, announced today that the first tranche of its $20 million issuance of Green Bonds is now available to individual investors, providing Canadians with the unique opportunity to invest in clean energy projects across North America.
“We’re excited to provide Canadians with the opportunity to make a profit while making a difference. To move the needle on climate change we need to mobilize hundreds of millions for clean energy,” said CoPower President Raphael Bouskila. “By finally giving individual Canadians access to clean energy investments, we believe Green Bonds have the potential to unlock the private capital needed to build clean energy and help us transition to a low-carbon future.”
The first $2.5 million tranche of Green Bonds is backed by two portfolios of loans to over 150 LED lighting retrofit projects in condominiums across Ontario, British Columbia and Alberta. With a $200 million project pipeline, CoPower expects that the next loans to be added to the portfolio will come from geoexchange heating and cooling projects in Quebec and solar projects in Ontario.
The bonds, which pay up to 5% annually, are available through CoPower’s online investment platform at a minimum of $5000. As of this morning, the Green Bonds are available to investors across Ontario, Alberta, British Columbia, Nova Scotia and Quebec. Aiming to be the first green bond accessible to all Canadians, the company is currently working to register in all other provinces and territories.
“Demand is growing rapidly for impact investments, as more and more Canadians want to invest in solutions to societal challenges," says Deb Abbey, CEO of the Responsible Investment Association. “CoPower's effort to make green bonds widely available to individual investors is an exciting development for the growth of impact investing in Canada.”
CoPower has an established track record in issuing Green Bonds, after issuing a $300,000 Green Bond as a way of testing the market in February 2016. The bonds were sold out 3 weeks, validating demand from smaller investors for investments that offer compelling returns and positive environmental impact.
Major Canadian cleantech investor Tom Rand called the new bond issuance “an investment strategy breakthrough, no less.”
John Stackhouse, RBC Senior Vice President, and clean-economy thought leader, highlighted CoPower’s innovative climate finance solution in a recent speech at the North American Climate Policy Forum: “I believe CoPower [combines] public sector policy, private capital and human ingenuity — in a winning formula. It’s a made-in- Canada solution that’s really made-by- Canada, and might just be a hint of where the world can go.”
CoPower fills a financing gap in the distributed clean energy market by lending to smaller projects that might not otherwise be built due to high upfront costs, and the lack of available financing from traditional lenders.
How it works:
- CoPower makes senior, secured loans to diversified portfolios of operational clean energy and energy efficiency projects. Each project undergoes rigorous due diligence by CoPower’s team of clean energy experts.
- CoPower issues Green Bonds backed by the portfolios of clean energy project loans.
- As the clean energy projects generate revenue from energy sales or conservation services, the loans are repaid.
- Bondholders earn fixed quarterly interest payments and receive quarterly financial and impact reports.
This press release is for informational purposes only and should not be construed as a public offering of securities. The offering of any CoPower investments will be made only to those investors in jurisdictions of Canada who meet certain legal requirements.
About CoPower: CoPower is a clean energy investment platform that empowers Canadians to participate in and profit the transition to a clean energy future. CoPower’s green investment products allow individuals to build and diversify their portfolios while helping build clean energy infrastructure across North America. CoPower’s shareholders include the RBC Generator Fund, Fondaction CSN, and Innovation Support. The company has $10 million in assets under management. Learn more at https://copower.me/en/.
Media contact: Lauryn Drainie, Lauryn.Drainie@copower.me, 647-465-3723, or Trish Nixon, Trish.Nixon@CoPower.me, 647-273-4212.