Owens Corning Releases Green Bond Report
In August 2019, Owens Corning completed the issuance of our inaugural green bond, in keeping with our aspiration to be a net- positive company whose handprint is greater than its footprint. This $450 million bond is payable over 10 years at a coupon rate of 3.95%. In conjunction with the bond, the company has committed to spend $445 million on eligible green projects.
The committed funds are being used to further the company’s work in renewable energy, energy efficiency, and eco-efficient and circular economy-adapted products, production technologies and processes. Eligible projects include:
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Long-termpowerpurchaseagreementsforrenewableenergy, including investments in solar and wind power generation facilities.
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Investments to increase energy efficiency in internal projects and processes, particularly those that are energy intensive.
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Investments in eco-efficient programs to substantially reduce waste or to increase recycling, such as by increasing the level of recycled material in our products.
Additionally, funds are being used for projects that benefit customers and consumers, through research and development of products that support the same categories. Eligible projects also include capital expenditures related to the manufacturing of insulation, which improves energy efficiency in buildings and industrial processes, and glass fiber and fabric used in wind turbine blades.
As outlined in the Green Bond Principles, we committed to reporting on how the committed funds are spent and the progress on the initiatives outlined in the Prospectus Supplement delivered in connection with the issuance of the bond. We are pleased to share this information with our investors and stakeholders in these pages.
