Akuo Energy wraps up EUR-44m green bond issue in France
Wind farm in France. Author: Connie Ma. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
French renewables firm Akuo Energy SAS said on Tuesday it has raised EUR 44 million (USD 48.4m) through its second green bond sale at home.
The company will use the net proceeds to finance its green power plants, extend the maturity of corporate debt and to continue investing in new plants.
Akuo Energy pointed out that many of its existing investors, such as Zencap AM (OFI Group), took part in the latest bond issue. A number of new institutional investors subscribed too. Mirova, the investment unit of French financial services provider Natixis Asset Management, was among the new parties to join the Akuo Energy green bond club.
Octo Finances acted as lead manager and bookrunner for the bond issue, while CMS Bureau Francis Lefebvre served as the legal advisor.
In mid-2015, Akuo completed the first green bond issue by an independent power producer (IPP) in France, pocketing EUR 34.4 million in total.
According to the Climate Bonds Initiative (CBI), year-to-date green bond issuance globally has reached USD 44.2 billion already. The total figure for the whole of 2015 was USD 41.8 billion.