BNP Paribas has structured, tokenised and distributed a bond, the proceeds of which aim at refinancing a solar energy project sponsored by EDF through its subsidiary, EDF ENR. This native digital asset, issued on the public blockchain, represents the first renewable energy bond tokenisation in the project financing market.
For this transaction, the BNP Paribas group leveraged its tokenisation platform, AssetFoundry. BNP Paribas Securities Services managed all custody aspects of this token. The issuance was performed on public Ethereum blockchain, under French law for unlisted securities, with legal advice from Jones Day. BNP Paribas Asset Management acted as the investor. The transaction also tested token reversibility, as the tokenised bond was seamlessly switched back to a traditional bond within 48 hours, a key element for the interoperability with traditional systems.