S&P Global Ratings assigned its first Green Evaluation in South America to the municipal bonds issued by the Province of La Rioja, Argentina, totalling US$170 million. The green-labelled bonds will be used to partly finance the development of the onshore wind farm, Parque Arauco – which will see its current 50.4 megawatts (MW) capacity increased to 300 MW by 2019.
The financing itself received an overall score of E1/85. E1 is the strongest Green Evaluation score on S&P’s scale (with E4 the lowest). This reflects the project’s high scores in the Governance (83/100) and Transparency (93/100) criteria – and its contribution to systemic decarbonisation in a relatively carbon-intense region.
Following distribution by Moorgate, news of the Green Evaluation was covered by Ámbito.com, Vil Metal, Somos Pymes, Notas de Actualidad, Periodista 360, El Misionero, InfoBoom, El Territorio, Rioja Virtual, El Ancasti, Building Bridges, Baires Post, Nueva Rioja, Urgente La Rioja, Energía Estratégica, Revista Petroquímica and Cadena Argentina.