Assist with the Issuance of the Largest-ever Environmental Impact Bond in the United States

Buffalo, New York

In June 2021, the Buffalo Sewer Authority (BSA) issued a $54 million Environmental Impact Bond (EIB) to incentivize the installation of green infrastructure throughout the City of Buffalo. An EIB is a form of a green bond that focuses on the prediction, measurement, and public reporting of environmental and/or social outcomes and features that link financing terms to the achievement of those outcomes.

The proceeds from the BSA EIB will fund the design and implementation of green infrastructure in Buffalo – such as rain gardens, green roofs, stormwater planters, and permeable pavers – to store and control the flow of stormwater, reduce combined sewer overflows, enhance community benefits, and support an estimated 700 local jobs. This approach enables BSA to achieve some of the economic, environmental, and health co-benefits associated with nature-based solutions to stormwater management through its Rain Check 2.0 Program.

The BSA issuance was a labeled EIB, Green Bond under the ICMA Green Bond Principles, verified GreenStar Bond, and aligned with six U.N. Sustainable Development Goals.

The Ralph C. Wilson, Jr. Foundation, Great Lakes Protection Fund, and the Community Foundation for Greater Buffalo funded ECT to bring newer models of delivery, including alternative financing options, to the Greater Buffalo region. ECT worked with Morgan Stanley and Quantified Ventures LLC, that provided underwriting and outcomes-based financing advisory services, respectively, to ensure the issuance met the high standards of EIBs.

Client / Owner
Community Foundation for Greater Buffalo
Project Timeline
2019-2021
Highlights
  • Environmental Impact Bonds
  • Green Bonds
  • Public-Private Partnerships
  • Green Infrastructure Solutions
  • Tax-exempt revenue bond.
  • Labeled Environmental Impact Bond, Green Bond, and verified GreenStar Bond
  • Ratings: A+ (S&P Global) | AA (S&P, 2030-2036 maturities insured by Build America Mutual)
  • Transaction 8.6x oversubscribed by end of the order period, enabling yield reductions
  • Among ESG-centered buyers alone the deal was 1.87x oversubscribed
Awards
  • 2022 Environmental Finance Bond of the Year
  • 2021 Bondbuyer.com Most Creative Deal of the Year
News

ECT Inquiry w/Uploader

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ECT Inquiry

ECT Subcontractor H&S Prequalification - New Application

Section 1: Subcontractor Information


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Section 2: Subcontractor Health & Safety Information


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Once your application is received, the information will be reviewed and you will be contacted either to confirm approval and active status in our system or to request additional or supplementary information such as HAZWOPER training certifications, procedural documentation, or other related information. To complete the application process, please complete the required signatures below. By signing below, I acknowledge the information provided is current and true and I have provided the support information requested or provided explanations why the information was not provided. Additionally, the submitting subcontractor agrees to follow ECT health & safety requirements and applicable state or federal health & safety regulations.

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