26 August, 2020

Westpac NZ supports Meridian Green Finance Programme

Meridian Energy is today launching its Green Finance Programme recognising the company’s commitment, leadership and investment in renewable energy.

Meridian’s Chief Financial Officer, Mike Roan says the programme enables Meridian to connect its company strategy to its financing requirements.

“Our commitment to only generate 100% renewable energy is our most significant climate action and we recognise the critical role that renewable energy plays in driving decarbonisation of the wider economy. Our Green Finance Programme provides investors with an opportunity to invest in an accredited range of green debt instruments and supports our sustainability efforts.”

Meridian’s Green Finance Programme is outlined in its Green Finance Framework which aligns with global sustainable finance standards for green bonds and green loans (the Green Bond Principles, the Climate Bonds Standard v3.0 and the Green Loan Principles).

All of Meridian’s $1.8 billion of debt instruments are covered by the programme, including a dedicated pool of eligible wind and hydroelectricity projects and assets. The programme has been independently reviewed and verified by DNV GL Business Assurance Australia.

As a result of achieving Climate Bonds Standard certification, Meridian’s retail bonds listed on the NZX will be classified as green bonds from tomorrow.

“Meridian’s bondholders know what we stand for as a company, and that they are helping to finance our renewable energy strategy. Today we can announce that Meridian’s bonds have been independently certified as aligning to global best practice for green bonds.”

The programme was implemented with the assistance of Westpac’s Sustainable Finance Team. Westpac NZ’s Head of Sustainable Finance, Joanna Silver, said the initiative aligned with the bank’s strategic direction.

“We were delighted to support Meridian with greening their borrowing programme. Westpac is motivated to help drive capital into better societal, environmental and economic outcomes for New Zealand, and our local sustainable finance team is committed to helping customers achieve their pathway towards a net-zero emissions economy and a just transition.”

For more information on Meridian’s Green Finance Programme, including Meridian’s Green Finance Framework, DNV GL’s Assurance Opinion and Second Party Opinion, and Climate Bonds Standard Certification, see Meridian’s website.