Analog Devices Completes Industry’s First Green Bond
Analog Devices has released its 2020 Green Bond Report, which provides an update on the full allocation of the proceeds from its inaugural green bond offering, which closed on April 8, 2020.
ADI allocated nearly $400 million to the development of eco-efficient products for its customers and green buildings and renewable energy for its operations.
“At ADI, we are putting our great engineering minds and resources behind tackling some of society’s greatest threats, especially climate change. In support of this, ADI completed the semiconductor industry’s first green bond offering last year and invested nearly $400 million in proceeds in transformational, energy-efficient technologies and greener buildings at our corporate campus,” said Vincent Roche, President and CEO of Analog Devices. “While our work is far from done, the progress we have made is representative of the immense impact we can have on the world around us. We will continue to act urgently and identify new, innovative ways to help mitigate climate change and environmental destruction, and their effect on communities globally.”
As of May 1, 2021, net proceeds of $394.6 million from the green bond offering have been allocated over several projects, including:
- $288 million to develop eco-efficient technologies across 4G and 5G communications, data centers, green vehicles and battery management systems;
- $102 million to green buildings, helping to construct over 225,000 square feet of green building space in Wilmington, Massachusetts, the corporate headquarters; and
- $5 million to renewable energy, including over 3,100 solar panels generating about 1.5 million kWh of electricity per year.
The project categories for the green bond offering were designed to advance the United Nations Sustainable Development Goals. Additionally, ADI’s green bond framework was reviewed by Sustainalytics to ensure that it aligns with the four core components of the Green Bond Principles 2018.
