Green Bond Fact Sheet

Argo Infrastructure Partner (Cross-Sound Cable)

Date: 17-Apr-2018

Issue date:15-Aug-2015 Maturity date: 15-Aug-2032 Tenor: 17Issuer Name

Argo InfrastructurePartner (Cross-SoundCable)

Amount Issued

USD120m

Country of risk

USA

CBI Database

Included

Issuer Type1

Non-FinancialCorporate

Bond TypePrivate Placement

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

E1/87 (S&P Global Ratings)☒ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☒ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Argo has committed to disclosing cumulative carbon reductions and carbon gains,but has not
set a timeline. The issuer’s market consultant ESAI indicated that the carbon savings areequivalent to around 600MW of wind capacity.
Argo Infrastructure Partners is an independent investment that invests in high quality, longduration infrastructure assets which provide essential services supporting theircommunities.

Firsts, records andcertifications
Proceeds description

Argos Infrastructure Partners issued an unlabelled bond in August 2015 to fundpart of the acquisition of the Cross-Sound Cable project. In May 2017, the deal
obtained an E1/87 Green Evaluation from S&P Global Ratings.
The project consists of an undersea cable transmitting power generated fromrenewable energy sources (mainly wind and hydro) from New England to Long
Island and enhancing grid stability. S&P noted that the issuer has not set a timeline
for reporting emissions reductions, but had engaged market consultant ESAI whocalculated that the project’s carbon savings are equivalent to around 600MW ofwind capacity. The project consists of an undersea cable transmitting power
generated from renewable energy sources (mainly wind and hydro) from New
England to Long Island and enhancing grid stability. S&P noted that the issuer has
not set a timeline for reporting emissions reductions, but had engaged market
consultant ESAI who calculated that the project’s carbon savings are equivalent toaround 600MW of wind capacity.

Climate Bonds view

Underwriters
Deal comments
Credit Rating
Pricing summary
Investors summaryGrid infrastructure connecting renewables and substituting fossil fuel energy
sources are essential assets to achieve decarbonisation. We hope to see regularand robust reporting.

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Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign