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    ISA   COE15PA00026

INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.

(ISA)
  Report
End-of-day quote Bolsa De Valores De Colombia  -  2022-12-05
18600.00 COP   +4.61%
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ISA's green bonds issued successfully: the first issuance for a company of the real sector in the stock exchange market

08/18/2020 | 12:42pm EST
  • The resources will be used to finance two projects in the northern coast of Colombia that will allow non-conventional renewable energies (wind and solar) to be connected to the National Interconnected System (SIN).
  • The resources will be used to finance two projects in the northern coast of Colombia that will allow non-conventional renewable energies (wind and solar) to be connected to the National Interconnected System (SIN).
  • The placement of green bonds amounted to COP 300 billion.
  • he operation was welcomed by the market: excess was 2.54 times the amount bid.

As part of its comprehensive sustainability strategy, for the first time, ISA issued green bonds in Colombia for COP 300 billion. The resources will be used to finance the connection of non-conventional renewable energies to the National Interconnected System (SIN) through two projects: Caribbean Coast 500 kV Interconnection and Cuestecitas-Copey-Fundación Copey-Fundación 220 kV Interconnection.

This is a milestone in the green bond market, as it is the first green bond issuance by a real sector company in the stock exchange market. Although this is new, the ISA Group has experience in issuing green bonds: ISA CTEEP was the first company of the group and the first energy transmission company to issue green debentures in Brazil for BRL 621 million with an excess demand of 2.5 times; and affiliate Consorcio Transmantaro was the first in Peru to issue green bonds in the international capital market for USD 400 million with an excess demand of 5.7 times.

'This is an important step towards the country's energy transformation. We are committed to responsibly and consistently operating the business, as stated in the ISA2030 Strategy. The challenge, not only in Colombia but in the countries where we are present, is to decarbonize and make the energy matrix more flexible,' Bernardo Vargas Gibsone, ISA Group's CEO, said.

Juan Pablo Córdoba, president of the Colombian Stock Exchange, pointed out that 'the capital market continues to be an ally in long-term financing strategies of Colombian companies, and today the ISA Group confirms it through this successful issuance. We invite more companies to come to the capital market for the economic revival of the country.'

The selection of projects is based on identifying their tangible environmental benefits and compliance with Green Bond Principles (GBP) and other internationally recognized sustainability standards.

The issuance received a Second Party Opinion by SITAWI, a Brazilian organization that manages capital for a socio-environmental impact, which supported the operation by stating that the connection of the 1,397.2 MW of wind and solar energy to the Colombian SIN will allow the exchange of non-conventional renewable energy because without these projects, part of the MW would be trapped without the possibility of connection.

This green bond issuance corresponds to subseries A9 (Fixed Rate in COP) and G20 (Fixed Rate in UVR) of the Fourteenth Tranche of ISA's Domestic Public Debt Securities Issuance and Placement Program. The total amount demanded was COP 760.796 million, with an excess demand of 2,54 times.

The placement was made through the Colombian Stock Exchange (BVC), under the Dutch auction for pricing shares. The underwriters were BTG Pactual S.A., Credicorp Capital Colombia S.A., and Valores Bancolombia S.A.

The green bonds placed have the following characteristics: of green bonds amounted to COP 300 billion.

•The operation was welcomed by the market: excess was 2.54 times the amount bid.

As part of its comprehensive sustainability strategy, for the first time, ISA issued green bonds in Colombia for COP 300 billion. The resources will be used to finance the connection of non-conventional renewable energies to the National Interconnected System (SIN) through two projects: Caribbean Coast 500 kV Interconnection and Cuestecitas-Copey-Fundación Copey-Fundación 220 kV Interconnection.

This is a milestone in the green bond market, as it is the first green bond issuance by a real sector company in the stock exchange market. Although this is new, the ISA Group has experience in issuing green bonds: ISA CTEEP was the first company of the group and the first energy transmission company to issue green debentures in Brazil for BRL 621 million with an excess demand of 2.5 times; and affiliate Consorcio Transmantaro was the first in Peru to issue green bonds in the international capital market for USD 400 million with an excess demand of 5.7 times.

'This is an important step towards the country's energy transformation. We are committed to responsibly and consistently operating the business, as stated in the ISA2030 Strategy. The challenge, not only in Colombia but in the countries where we are present, is to decarbonize and make the energy matrix more flexible,' Bernardo Vargas Gibsone, ISA Group's CEO, said.

Juan Pablo Córdoba, president of the Colombian Stock Exchange, pointed out that 'the capital market continues to be an ally in long-term financing strategies of Colombian companies, and today the ISA Group confirms it through this successful issuance. We invite more companies to come to the capital market for the economic revival of the country.'

The selection of projects is based on identifying their tangible environmental benefits and compliance with Green Bond Principles (GBP) and other internationally recognized sustainability standards.

The issuance received a Second Party Opinion by SITAWI, a Brazilian organization that manages capital for a socio-environmental impact, which supported the operation by stating that the connection of the 1,397.2 MW of wind and solar energy to the Colombian SIN will allow the exchange of non-conventional renewable energy because without these projects, part of the MW would be trapped without the possibility of connection.

This green bond issuance corresponds to subseries A9 (Fixed Rate in COP) and G20 (Fixed Rate in UVR) of the Fourteenth Tranche of ISA's Domestic Public Debt Securities Issuance and Placement Program. The total amount demanded was COP 760.796 million, with an excess demand of 2,54 times.

The placement was made through the Colombian Stock Exchange (BVC), under the Dutch auction for pricing shares. The underwriters were BTG Pactual S.A., Credicorp Capital Colombia S.A., and Valores Bancolombia S.A.

The green bonds placed have the following characteristics:

ISA's Domestic Public Debt Securities Issuance and Placement Program has been rated 'AAA', outlook stable, by Fitch Ratings Colombia, which reflects the company's low business risk profile. The Program's issuances are totally dematerialized; their custody and administration are carried out by Depósito Centralizado de Valores de Colombia (DECEVAL S.A.), and ITAU Asset Management Colombia S.A. will act as the holders' legal representative.

'This placement ratifies the trust investors have in the Company, the company's leadership in the capital market and their support to the group's growth in the region,' Bernardo Vargas Gibsone, ISA's CEO, said.

Caribbean Coast 500 MW Interconnection Project

The project will improve energy services in the departments of Córdoba, Sucre, and Cesar, as well as the reliability of the Colombian National Interconnected System (SIN), reducing the risk of uncovered demand due to failures or maintenance in the region.

Social, environmental, and economic factors:

  • 22 municipalities in 5 departments (Córdoba, Sucre, Bolívar, Magdalena, and Cesar) benefited.
  • 830 jobs created.
  • COP 6.575 million for Community Benefit Projects (PBC).
  • 146 communities benefited with improved utility infrastructure, productive projects, and community integration.
  • 24 prior talks with Zenú minor indigenous councils, benefited with COP 1.739 million for community projects.
  • 53 Arhuaco communities in Sierra Nevada de Santa Marta benefited with covenants for COP 1.724 for a better quality of life.
  • 7 flora species and 5 fauna species under some threat category rescued, relocated, and protected.
  • COP 9.996 million invested in the conservation, protection, and dissemination of the archaeological heritage.
  • It contributes to renewable energy transmission in Colombia's National Interconnected System (SIN).

Cuestecitas-Copey-Fundación 500/220 MW Interconnection Project

Its importance involves the transmission of wind energy to be installed in La Guajira, which will increase the installed capacity of National Interconnected System (SIN) substations and will improve the reliability of the service in the departments of La Guajira, Cesar, and Magdalena.

Social, environmental, and economic factors:

  • 17 municipalities of the area of influence and 16 ethnic communities benefited from educational and cultural projects with investments to date for COP 2.706.
  • 4 years leveraging the consolidation of the Indigenous Education System (Sistema Educativo Indígena Propio) that covers 15 education centers.
  • Optimization of forest exploitation areas, achieving 30% to 40% average decrease.
  • COP 6.102 invested in the conservation, protection, and dissemination of the archaeological heritage.
  • It contributes to renewable energy transmission in Colombia's National Interconnected System (SIN).

Disclaimer

ISA - Interconnection Electric SA ESP published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2020 16:41:58 UTC


© Publicnow 2020
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Financials
Sales 2022 9 460 B 1 968 M 1 968 M
Net income 2022 2 368 B 493 M 493 M
Net Debt 2022 15 604 B 3 246 M 3 246 M
P/E ratio 2022 8,70x
Yield 2022 4,39%
Capitalization 20 603 B 4 272 M 4 286 M
EV / Sales 2022 3,83x
EV / Sales 2023 2,91x
Nbr of Employees 4 000
Free-Float 35,2%
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Number of Analysts 3
Last Close Price 18 600,00 COP
Average target price 24 433,33 COP
Spread / Average Target 31,4%
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Managers and Directors
Juan Emilio Posada Echeverri President
Carolina Botero Londoño Chief Financial Officer
Santiago Montenegro Trujillo Chairman
Olga Lucía López Marin Chief Information Technology Officer
Issac Yanovich Farbaiarz Independent Director
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