FG to sell $63 million of green bonds in Q1 2017

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Nigeria plans to raise 20 billion naira ($63 million) by March to help fund renewable energy projects, the first issuance of so-called green bonds in West Africa’s biggest economy, Bloomberg reports.

“We are on track to sell the bond in the first quarter, a sovereign, and could have another by the end of the year,” Environment Minister Amina Mohammed said in an interview Friday in the capital, Abuja. Mohammed said her ministry is targeting off-grid solar-power projects producing as much as 1,200 megawatts in the country’s north. The sale will also help fund an electric-vehicle commuter project in Abuja and tree-planting in the country’s arid north, she said.