Placed on the Colombian capital market, deposited with the Centralized Securities Depository (Depósito Centralizado de Valores – Deceval) and listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia – BVC), GreenYellow’s first Green Bond issuance in Colombia, amounting to nearly €39 million (COP 144 billion), enables the company to refinance a portfolio of 58 energy-efficiency projects currently in operation. It marks a new milestone in the development of its energy-transition financing model, combining financial performance, decarbonization, electrification and value creation for commercial and industrial companies (C&I).
The transaction was structured through Patrimonio Autónomo Eficiencia Frigorífica Uno, an issuing vehicle administered by Fiduciaria Davivienda, of which GreenYellow is the sole settlor.
The “Retrofit” portfolio comprises refrigeration infrastructure whose energy performance GreenYellow sustainably improves through the installation, modernization and operation of dedicated equipment, enabling it to:
- Reduce and optimize energy consumption across refrigeration installations.
- Improve their energy performance and operational efficiency.
- Generate operational and financial savings.
- Contribute to reducing greenhouse gas (GHG) emissions.
The transaction therefore illustrates how high-performing energy infrastructure can be valued and refinanced as energy-transition assets, based on measurable results and tangible economic and environmental benefits.
“This first GreenYellow issuance in Colombia represents a major strategic milestone for our company. Accessing the capital markets through a COP 144 billion transaction demonstrates the strength of our assets and our ability to structure energy-efficiency projects with a long-term perspective. In this way, we combine financial performance, sustainability and value creation within a single transaction.” said Diana Durán, CFO of GreenYellow Colombia.
Energy efficiency: a core asset in financing corporate decarbonization
GreenYellow’s Energy-as-a-Service model is based on the long-term investment in and operation of energy infrastructure, delivering measurable efficiency gains and economic benefits for its clients.
This approach addresses a dual challenge for C&I players: durably reducing energy consumption and CO₂ emissions while strengthening their competitiveness.
It also makes it possible to transform energy-efficiency projects into high-performing, cash-generating assets that can be financed over the long term.
“This Retrofit portfolio demonstrates that energy efficiency can become a genuine investment asset: a real portfolio of operational projects, built on a model that we have refined over many years in Colombia and around the world. This model consists of investing in energy infrastructure, operating it to high standards, and generating measurable efficiency gains for our clients. The Green Bond issuance validates this approach with the Colombian capital market and paves the way for what comes next: continuing to develop our distributed model, as close as possible to our C&I clients, structuring new portfolios, and demonstrating that corporate decarbonization starts with energy efficiency and the transformation of energy assets,” underlined Gustavo Chaparro, Executive Director of GreenYellow Colombia.
A financial structure designed to mobilize long-term capital
With a 13-year maturity, the issuance features an amortizing structure and a rate indexed to the three-month IBR (Colombia’s interbank benchmark rate), aligning the financing with the economic life of the assets and their progressive benefits.
The transaction therefore creates a direct link between capital markets, sustainable finance and energy infrastructure, while providing GreenYellow with new sources of financing to develop energy-efficiency and decarbonization projects for C&I players in Colombia.
Green Bond designation and a coAA- rating from S&P Global
The issuance qualifies for the Green Bond designation, based on an independent verification conducted as part of a Second Party Opinion.
This verification confirms the issuance’s alignment with the Green Bond Principles of the International Capital Market Association (ICMA) and the allocation of proceeds to projects delivering environmental benefits.
“This issuance reflects the ability of capital markets to provide financing solutions that meet the long-term needs of companies. Its 13-year amortizing structure, indexed to the three-month IBR, together with its Green Bond status, demonstrates the diversity and sophistication of the instruments available to issuers in the market. At the BVC, we want to continue supporting more companies in accessing an alternative source of financing for their projects and growth,” said Andrés Restrepo Montoya, CEO of the Colombian Stock Exchange.
The issuance also received a coAA- credit rating with a stable outlook, assigned by S&P Global – National Ratings S.A. Sociedad Calificadora de Valores. The rating notably takes into account the quality of the underlying assets, the strength of the business model, and GreenYellow’s experience in the structuring, financing, deployment and operation of energy-efficiency projects.
Colombia: a strategic market for GreenYellow
Building on its local expertise and portfolio of operational assets, GreenYellow leverages its model to accelerate the decarbonization and flexible electrification of C&I companies, through energy efficiency, renewable energy, energy storage and energy flexibility.
“For our company, entering the Colombian capital market through a green issuance is a strong signal of maturity. We are building a platform capable of connecting investment, energy assets and sustainable outcomes. Our ambition is to continue growing with financial discipline while creating value for our clients, investors and the country.” completed Diana Durán, CFO of GreenYellow Colombia.
