Encavis issues EUR-210m green bond

German wind and solar park operator Encavis AG (ETR:CAP) has successfully placed a syndicated green promissory note bond worth EUR 210 million (USD 223.3m) to back its ambition to add more than 500 MW of generation capacity to its portfolio this year.

The transaction was oversubscribed more than four times, exceeding the initially targeted amount of EUR 50 million. The bond, called Schuldscheindarlehen in German, was placed with about 50 investors in three different tranches of three, five and seven years of maturity with fixed and variable interest rates, a press release said on Tuesday.

The proceeds raised from the bond issues along with the company’s existing credit facilities will be enough to buy more than 500 MW of generation capacity in 2023 without any issue of equity, Encavis’ CFO Christoph Husmann noted.

Bayerische Landesbank and DZ BANK AG acted as bookrunners of the transaction.

The placement of the syndicated green promissory note bond announced on Tuesday is the first since the EUR-50-million green bonded loan raised by the German company in 2018.

(EUR 1 = USD 1.063)

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