Tokyo Gas to issue $173mn bond to fund projects
Japanese utility Tokyo Gas will issue a transition bond to finance three major projects, it said on February 14. The company plans to issue 7-year and 10-year bonds worth about 20bn yen ($173.1mn) in March.
The funds raised through the corporate bond will be invested in the Niihama LNG, Harumi hydrogen and smart energy network projects. The bond will be the second ESG bond to be issued by Tokyo Gas, following the green bonds issued in December 2020.
“The corporate bond will be issued as a new financing method to promote low-carbon and decarbonisation initiatives including by demand side during the transition period toward realising a decarbonised society,” the company said.
Tokyo Gas said it plans to invest approximately 2 trillion yen by 2030 in growth areas, including decarbonisation, and contribute to the realisation of a carbon neutral society by 2050.