Economía verde

Así se mueve el mercado de los bonos verdes

El mercado de bonos verdes, títulos de deuda en el que los recursos obtenidos se comprometen a financiar proyectos que sean sostenibles y socialmente responsables, está creciendo en Colombia. Así lo señaló la Superintendencia Financiera a EL COLOMBIANO, pues desde 2016 hasta el momento se han autorizado seis emisiones, de las cuales cinco se han llevado a cabo en el país y una en Brasil.

Bancolombia, Banco de Comercio Exterior de Colombia (Bancóldex), Davivienda, Epsa (filial de Celsia, empresa que a la vez forma parte del Grupo Argos) e ISA han sido las entidades y compañías que ya se han lanzado al ruedo con este tipo de bonos.

La emisión más reciente fue la efectuada por Bancolombia (la segunda para ellos desde la que realizaron el 5 de diciembre de 2016 por 350 mil millones de pesos) el pasado 18 de julio por 300 mil millones de pesos.

José Humberto Acosta, vicepresidente financiero del Grupo Bancolombia, explicó que la colocación de esos títulos se hizo en dos tramos uno a tres años (153.306 millones de pesos) y otro a cinco (146.694 millones de pesos).

La emisión tuvo una demanda total de 565.516 millones de pesos, equivalente a 2,85 veces el monto inicial ofrecido (200 mil millones de pesos), en la cual participaron más de 170 inversionistas entre personas jurídicas y naturales.

Eduardo Atehortúa, profesor de la Universidad Eafit y director para América Latina de Principios de Inversión Responsable, explicó que hoy en día la deuda verde es igual de rentable que la deuda corporativa o soberana tradicional. “Por eso es que están ganando tanta fuerza en los últimos años y debido a esto seguramente será un mercado que se dinamizará mucho más”, aseguró.

En 2007, bancos de desarrollo como el Banco Mundial y la Corporación Financiera Internacional (IFC, por sus siglas en inglés) emitieron los primeros títulos de deuda de este tipo al mercado. En Colombia, la apertura hacia estos negocios apenas empezó a finales de 2016 con la primera emisión de Bancolombia. No obstante, Atehortúa resaltó que el país junto con Chile y México son las naciones de Latinoamérica más desarrolladas en este tema hasta ahora.

Las que se estrenaron

Epsa (filial de Celsia) e ISA, ambas empresas del sector energía del país, decidieron meterse al mundo de los bonos verdes este año. La primera con una emisión de 420 mil millones de pesos para financiar las inversiones en sus granjas de generación de energía solar y la segunda por 90 millones de dólares (259.542 millones de pesos a la tasa actual) para construir torres de transmisión de energía más altas en Brasil, país donde fueron colocados los títulos de deuda.

“Los bonos verdes son una nueva fuente de financiación coherente con nuestra estrategia de seguir desarrollando proyectos renovables y adicionalmente, nos permite continuar con el tema de diferenciación y posicionamiento en el mercado de capitales”, destacó Esteban Piedrahíta, líder Financiero de Celsia.

La empresa, desde el 2010, ha conseguido recursos por 1,40 billones de pesos gracias a dos programas de bonos. “Y a comienzos de este año acudimos al mercado a través de la colocación de acciones y recaudamos 1,47 billones de pesos”, precisó Piedrahita.

El director para América Latina de Principios de Inversión Responsable enfatizó la necesidad de que más empresas privadas se unan a la iniciativa de emitir bonos verdes en el mercado de valores del país. “El reto para los próximos años es que los bancos sigan emitiendo deuda verde, pero que también las compañías del sector industrial se animen a estructurar bonos verdes”, concluyó .

En total, se han efectuado seis emisiones de este tipo de títulos de deuda en el país hasta la fecha. Y aunque no se sabe de nuevas operaciones el mercado se está moviendo en esa dirección.

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