Quanta Global Capital Limited has announced a $10 billion green bond issuance to support a large-scale thermoelectric waste heat recovery project. The fixed-income instrument carries a five-year maturity and an annual coupon of 7.5%. The bond is structured into 100,000 Preferred Notes of $100,000 each, with interest payments scheduled annually in February.
The company expects the Preferred Notes to be listed on the Nasdaq Stockholm exchange, where they will be secured by an AA-rated insurance wrap and the project’s underlying assets. Nasdaq Stockholm has seen growing prominence in sustainable bond listings, with such instruments accounting for 36% of all new listed bonds in 2024, up from 31% the previous year.
Quanta’s project is based on thermoelectric waste heat recovery technology, which captures and converts industrial waste heat into electricity. Reports from McKinsey and Environment Systems Research suggest that this approach could play a significant role in reducing global warming, potentially offering greater impact than direct greenhouse gas mitigation strategies. McKinsey estimates that savings from such systems could equal the annual cost of Europe’s natural gas imports.
The Smart Thermoelectric Waste Heat Generator (STWHG) at the centre of the project has undergone testing and validation. According to Quanta, the investment is expected to generate $18.4 billion in annual electricity revenue, with profitability supported by carbon credits and tax incentives. The company projects a five-year payback period.
Quanta has not yet confirmed a listing date for the Notes but is expected to announce further details in the coming weeks.
