CIF Capital Markets Mechanism raises USD500 million with debut bond for clean energy transition

CCMM provides funding for the Clean Technology Fund (CTF), which supports projects in developing countries focused on low-carbon technologies such as renewable energy, energy efficiency, sustainable transport, energy storage and industry decarbonisation. 

The CTF aims to address the significant financing gap for energy transitions by mobilising capital at scale and directing it towards high-impact climate initiatives, which is channelled and implemented through six multilateral development banks. The World Bank acts as CCMM’s Treasury Manager, as well as trustee of the CIF.  

The USD500m 4.750% notes due 2028, which are governed by English law and listed on the International Securities Market of the London Stock Exchange, were issued under the CCMM debt issuance programme announced at COP29. Proceeds raised will enable transformative clean energy advancements in developing countries.

The A&O Shearman team advising the lead managers was led from London by capital markets partners Peter Crossan and Ross Stewart alongside senior associates Michael Hossack, Eric Denton, Woo Suk Hong and associate Charlotte Fuller. The team in London advising Citibank, London N.A. as the note trustee was led by capital markets partner Luke Lewis alongside associate Leo Hodges. Tax advice was provided by tax partners Charles Yorke and Esther Lemmon alongside associate James Eggleston.