DNB Group: Use of Green Bond Proceeds

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On 10 February 2015, DNB Bank ASA issued a NOK1bn green bond on the back of 14 wind project financings. The tenor is 5 years from the issuing date. This and other green bonds issued by DNB will hereafter be defined as DNB Green Bond.

DNV GL provided a third party opinion dated 27 January 2015. In this opinion DNV GL confirms that the DNB Green Bond meets the criteria set out in the DNB Green Bond Framework and is aligned with the Green Bond Principles2.

This report covers the ongoing obligation to annually report the impact and status of the projects that are eligible for use of the green bond proceeds (“the financing portfolio”). This obligation includes providing an over-collateralisation statement (see Exhibit 2) and calculation of environmental footprint (section 2). We provide some further details of the underlying assets in section 3 of this report.

One project, the 12MW Digerberget AB has been repaid after the green bond issue and in this reporting period. Digerberget has therefore not been included in the calculations of ratios or environmental footprint assessment in this report. There are no other major movements in the portfolio in the reporting period.

The entire report can be read here: DNB Group – Use of Green Bond Proceeds

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