Commonwealth Bank served as sole Sustainability Coordinator and co-lender on a NZ$284 million sustainability loan for Morrison & Co’s NZ Schools II Public Private Partnership, which manages four schools in Auckland, Christchurch and Queenstown with around 5000 students enrolled.
The NZ Schools II PPP was established with the Ministry of Education in 2017 to design, finance, construct and maintain, for 25 years following construction, a schools portfolio of Rolleston College and Haeata (Aranui) Community Campus in Christchurch, Wakatipu High School in Queenstown and Ormiston Junior College in Auckland and expansion projects at Rolleston College and Wakatipu High School.
The new sustainability loan refinances debt facilities and also supports expansion of two of the schools. The loan’s sustainability label was accredited based on environmental factors including green buildings, energy efficiency, waste management, water management and access to clean transportation (cycle ways and pedestrian projects), as well as social factors such as access to essential services. The loan is aligned to the Asia-Pacific Loan Market Association’s (APLMA) Green and Social Loan Principles 2023.