Sidley Advises UpEnergy on World Bank Clean Cooking Outcome Bond

Sidley represented UpEnergy in connection with a US$200 million bond issuance by the World Bank, which mobilizes US$30.5 million for UpEnergy’s clean cooking program authorized between Ghana and Switzerland under the framework established by Article 6.2 of the Paris Agreement. This is the first outcome bond where the variable return is linked to the monetization of Internationally Transferable Mitigation Outcomes (“ITMOs”).

These ITMOs will be generated by UpEnergy’s clean cooking program and sold to the KliK Foundation.

The Sidley team was led by Vladimir Mikhailovsky, with assistance from Ketan Gupta and trainee solicitor Chidiebere Onyeagucha (Capital Markets).