Axpo issues EUR 600m sustainability-linked Schuldschein loan

Image by Axpo Holding AG.

May 12 (Renewables Now) - Swiss renewable power producer Axpo Holding AG has issued its first sustainability-linked Schuldschein loan of EUR 600 million (USD 633.18m) to secure capital for general corporate purposes.

The Schuldschein, a German debt instrument used as an alternative to credit facilities and bonds, includes several tranches with maturities of up to seven years.

Launched at EUR 150 million, the transaction drew strong interest and was significantly oversubscribed, Axpo said on Wednesday. As many as 35 international, regional savings and cooperative banks are taking part in the issue.

The Schuldschein is Axpo's third sustainability-linked debt transaction since the start of this year after a EUR-2.5-billion revolving credit facility and a CHF-500-million bond.

“This transaction complements our strategy to further diversify our funding sources in the international capital markets," said CFO Joris Groeflin.

The clean power producer is preparing to invest heavily in renewables. About CHF 1 billion (USD 1.03bn/EUR 978m) will be poured into green power plants in Switzerland by the end of the decade which should produce additional renewable electricity for 165,000 households and heat for 55,000 households.

(EUR 1 = USD 1.055)

(CHF 1.0 = USD 1.010/EUR 0.957)

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