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EnBW raises EUR 1bn from green hybrid bonds

Hohe See and Albatros offshore wind farms. Image credit: Fred. Olsen Windcarrier AS, Tony Cato, courtesy of EnBW (www.enbw.com)

July 31 (Renewables Now) - German utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) on Monday raised a total of EUR 1 billion (USD 1.11bn) through the launch of its first two green hybrid bonds on the capital markets.

The company said in a statement it plans to use the proceeds from the new issues to expand both offshore and onshore wind power, as well as photovoltaic (PV) capacity. According to CFO Thomas Kusterer, the bonds were oversubscribed several times within a very short time.

More details on the two newly-issued financial instruments can be seen below.

Volume EUR 500m EUR 500m
Term to maturity 60.25 years 60 years
Initial Coupon 1.125 % 1.625 %
Issue price 100% 100%
First interest payment date November 5, 2019 August 5, 2020

Rating agency ISS-oekom has confirmed that the new bonds comply with the Green Bond Principles. Also, they are certified to the high standards of the Climate Bonds Initiative (CBI), EnBW said.

BNP Paribas and Deutsche Bank acted as joint global coordinators and joint structuring advisors, while Barclays, BayernLB, Citi, HSBC and Morgan Stanley served as joint lead managers.

(EUR 1.0 = USD 1.115)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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