Air Products issues multi-currency notes to fund green H2, renewables

Artist rendering of Saudi Arabia’s first hydrogen fuel cell vehicle fueling station to be jointly built by Saudi Aramco and Air Products. Source: Air Products.

US industrial gases and chemical company Air Products (NYSE:APD) has successfully issued two tranches of multi-currency green bonds for total proceeds of close to USD 1.35 billion (EUR 1.27bn), it announced on Monday.

The company said in a statement that it issued USD 600 million worth of 4.80% US dollar-denominated notes due 2033 and EUR 700 million of 4.00% Euro-denominated notes due 2035.

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Air Products intends to pour the net proceeds from the green bond issuances into green and blue hydrogen and ammonia projects, as well as renewable energy developments. In addition, it may support sustainable aviation fuel (SAF) investments.

Commenting on this move, Seifi Ghasemi, chairman, president and CEO of Air Products, said the following: “[...] our multi-currency green bond offerings make us the first US chemical company to issue with green and blue hydrogen as an eligible expenditure category, further reinforcing our leading position advancing the energy transition through hydrogen for zero-emission transportation and industrial decarbonisation."

Environmental, social and governance (ESG) research and ratings provider Morningstar Sustainalytics has completed and published a Second Party Opinion (SPO) on Air Products' green finance framework.

(USD 1.0 = EUR 0.937)