Colbún scooped the Americas green bond structure innovation award for the highly diverse use of proceeds it identified, including around biodiversity.

The Chilean electric utility firm raised $500 million from a 10-year green bond in August 2025 in a deal which secured the tightest spread for a Chilean corporate in 15 years.

The Environmental Finance Sustainable Debt Awards judges praised Colbún for its success in moving in a "very positive and green direction" which gives it a "strong transition story," which has been strengthened through the green bond structure.

Alongside renewable energy and energy efficiency projects, Colbún also planned to allocate to terrestrial and aquatic biodiversity and climate change adaptation projects through its green bond.

One judge was particularly impressed by the "'dark green' nature" of the overall deal but also this "diversity of items in the proceed usage".

In particular, they "really appreciated" the geographic information systems (GIS)-based biodiversity assessment and endangered species monitoring investments which they described as a "really good addition".

Another judge said these more unusual elements of the green bond, combined with the renewable energy focus, which "makes sense" for an issuer targeting 70% of its energy mix being from renewables by 2030. Overall, they said this resulted in a "credible" green bond.

BBVA, BofA Securities, JP Morgan, Santander, and SMBC Nikko served as global coordinators as well as joint bookrunners alongside Mizuho and MUFG.