Encavis issues EUR-250m bond to fund 3.4-GW growth plan

The Budel solar park. Image by: Solarcentury (www.solarcentury.com).

November 18 (Renewables Now) - German wind and solar farm operator Encavis AG (ETR:ECV) has issued EUR 250 million (USD 282.9m) of perpetual subordinated bonds, seeking to back its 3.4-GW capacity deployment target by 2025.

More specifically, the proceeds will be earmarked for renewable energy investments and other activities supporting the 2025 target, with a portion going for general corporate needs. The offering was multiple times oversubscribed, Encavis announced on Wednesday.

The perpetual subordinated bonds were issued by Encavis’ Netherlands-based subsidiary Encavis Finance BV and have no fixed redemption date. They bear an annual interest rate of 1.875% until November 2027. By then, the bonds can be converted into ordinary bearer shares of the company. The initial conversion price is set at EUR 22.0643.

BofA Securities and Jefferies were joint global coordinators and joint bookrunners for the transaction. Settlement for the offering is scheduled for November 24.

(EUR 1.0 = USD 1.132)

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