ESG and Reykjavik Energy's First Green Bond

Jordan Mitchell, Olaf Sigurjonsson, Ahmad Rahnema Alavi

Research output: Other contributionTeaching case


As of February 2019, Reykjavik Energy is considering issuing their first Green Bond, which would be the third Green Bond coming from an Icelandic organization. With a potential value between ISK 2.5 and ISK 3 billion ($20 million to $25 million) and a 35-year term, the company is thinking not only about the financial implications of its proposed financing but also how it fits into its Environment, Societal and Governance (ESG) framework and its pursuit of the United Nations 17 Sustainable Development Goals. Finally, it must also consider its unique Ownership Strategy, which lays out the relationship between its owners (three Icelandic municipalities including the City of Reykjavik), management and its stakeholders. The Ownership Strategy had been credited with being a crucial factor in the company's resuscitation from near bankruptcy only five years earlier.
Original languageEnglish
Publication date2022
Number of pages27
Publication statusPublished - 2022

Bibliographical note

Case no. F-973-E


  • Environmental
  • Social and governance (ESG)
  • Green bond
  • Ownership strategy
  • Renewable energy
  • Sustainability

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