South Africa’s Fortress REIT has launched ZAR$900 million ($61 million) of sustainability-linked bonds in line with its ongoing strategic ESG plan to scale up its renewable-energy outputs and deliver more solar energy to the national grid.
The JSE has granted Fortress the listing of a three-year sustainability-linked bond of ZAR$495 million ($33 million) and a five-year sustainability-linked note of ZAR$405 million ($27 million) . Although the bonds do not have specific use-of-proceeds requirements, the funds will assist Fortress with the continued installation and increase of solar energy in South Africa across its retail and logistics portfolios.
This will allow Fortress’s real estate assets to meet the firm’s targets for solar energy, facilitate a reduction in reliance on utilities, reduce its carbon footprint and contribute to mitigating climate change.
“Fortress has committed to increasing its renewable energy installations and megawatt outputs,”
