Climate Bonds Initiative certified on Thursday, October 15, 2026, a green bond of 60 million dollars issued by Valency International to finance in Côte d’Ivoire a complex transforming cashew shells into renewable energy and bio-based products.
The operation is backed by a guarantee of the same amount provided by Green Guarantee Company. HSBC arranged the issuance, Legal & General is the sole investor, and the security is to be listed on the Vienna Stock Exchange, according to announcements published by the certification body and the guarantor.
The industrial program plans to process approximately 90,000 tons of shells per year to produce, among other things, bio-oils, cardanol, fuel pellets, biochar, fertilizers, and synthetic gas. The facilities are also expected to generate five megawatts of renewable electricity.
The promoters estimate that the project could avoid 880,000 tonnes of CO₂ equivalent over twenty years by reducing open-air burning and uncontrolled decomposition of residues. This projection remains a stated goal and not a result already measured.
The funding is part of a comprehensive $150 million program dedicated to a circular cashew ecosystem. In June, the Ivorian government inaugurated a Valency unit in Attinguié capable of processing approximately 20,000 tons of shells per year and producing nearly 6,000 tons of biochar.
A first separate operation of 37 million euros, guaranteed in 2025 by GuarantCo, had already financed processing and storage capacities. The new bond is intended to expand the valorization of by-products, but its interest rate, maturity, detailed schedule of works, and the exact site of the new complex have not been disclosed.
