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A green bond powering Victoria’s net zero grid
April 14, 2026
Victoria Power Networks’ inaugural green bond is accelerating critical grid upgrades, unlocking renewable connections and supporting Australia’s low-emissions future.
- First VPN green bond funds key infrastructure
- Certified independently, reducing greenwashing risk
- Find out more about Pendal’s Responsible Investing capabilities
INCREASING electrification, expanding the use of non-fossil fuel sources of electricity, and connecting renewables to the grid are the three most important components of achieving a low-emissions future for Australia.
In the final quarter of 2025, Victoria Power Networks came to market with their first green bond that seeks to directly support these priorities by funding critical infrastructure upgrades and enabling more renewable energy to flow to homes and businesses across Victoria.
Victoria Power Networks (VPN) is a major electricity distribution network that manages the poles, wires and electricity across Melbourne and western and central Victoria. It operates under the names CitiPower and Powercor.
The net proceeds of the VPN Green Bond are to be used to finance or refinance eligible green projects that satisfy the relevant eligibility criteria as determined by VPN. The intention of these eligible green projects is to work towards VPN’s goal which seeks to, amongst other things, reduce carbon emissions.
This includes investments in low voltage network infrastructure, advanced operational technology systems, and the rollout of smart meters.
These upgrades are essential for integrating more renewable energy into the grid, making it easier for homes and businesses to access clean power and manage their electricity use.
Significantly, this bond helps fund the financing of new transmission lines to connect renewable energy projects to the grid.
These investments are crucial for reducing carbon emissions, improving grid reliability, and supporting Victoria and Australia’s net zero targets.
The VPN Green Bond is also noteworthy as the first Australian bond to align to two new standards: the Australian Sustainable Finance Taxonomy and the European Union Taxonomy for climate change mitigation. [1]
The bond is certified by the Climate Bonds Initiative[2] and has received a second-party opinion from Sustainalytics[3]. Aligning to standards and external certification is an important way to reduce greenwashing risk.
[1] ISS-External-Review-AU-and-EU-Taxonomy-VPN-3-Oct-2025.pdf
[3] Sustainalytics-SPO-VPN-Sustainable-Financing-Framework-3-Oct-2025.pdf
Find out about
Regnan Credit Impact Trust
About Murray Ackman and Pendal’s Income and Fixed Interest boutique
Sustainable finance and impact investing director Murray Ackman joined Pendal in 2020 to provide fundamental credit analysis and integrate Environmental, Social and Governance factors across credit funds.
Murray has worked as a consultant measuring ESG for family offices and private equity firms and was a Research Fellow at the Institute for Economics and Peace where he led research on the United Nations Sustainable Development Goals.
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia. In 2020 the team won the Australian Fixed Interest category in the Zenith awards.
Regnan Credit Impact Trust is a defensive investment strategy that puts capital to work for positive change
Pendal Sustainable Australian Fixed Interest Fund is an Aussie bond fund that aims to outperform its benchmark while targeting environmental and social outcomes via a portion of its holdings.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL 431426. PFSL is the responsible entity and issuer of units in the Regnan Credit Impact Trust ARSN: 638 304 220 and Pendal Sustainable Australian Fixed Interest Fund ARSN: 612 664 730 (Funds). It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situations or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
It may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. The PDS for the Funds, issued by PFSL, should be considered before deciding whether to acquire or hold units in the Trust. The PDS and Target Market Determination for the Funds can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com.
All investing involves risk including the possible loss of principal. No company in the Perpetual Group (Perpetual Group means Perpetual ABN 86 000 430 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital.
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