Hudson Yards Will Sell First Green Bond
New York City Mayor Bill de Blasio and Comptroller Scott M. Stringer announced the Hudson Yards Infrastructure Corporation will be the first to sell a green bond issued by a NYC-related entity.
The sale comes after HIYC saw an upgrade in credit ratings across multiple rating agencies last week, reflecting the continued growth of the Hudson Yards Area and in revenues that support bond repayment.
HIYC, a local development company, was created by the City in 2005, in order to finance the extension of Number 7 subway line to the 34th Hudson Yards station and the construction of a new public park. The resulting subway extension has helped lessen the impact of climate change as it encourages low-carbon transportation.
Proceeds from the $450 million green bond will go toward refinancing the bonds issued in 2012 to fund the subway extension, which was completed in 2015.
“The sale of Green Bonds is part of our national-leading climate strategy to lower our emissions, reduce our reliance on fossil fuels and build a recovery centered around climate justice.”Mayor Bill de Blasio said in a statement.
. “With this historic green bond sale, the first of its kind by a New York City-related entity, the City is safeguarding its future—financially and environmentally,” Stringer said.
