Fortescue Metals taps US green bond market with USD-800m offering - report

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

April 11 (Renewables Now) - Australian iron ore giant Fortescue Metals Group Ltd (ASX:FMG) has sold USD 800 million (EUR 733.9m) worth of green bonds as part of a larger bond offering in the US, the Sydney Morning Herald reports.

A person familiar with the matter told the newspaper that a USD-1.5-billion bond deal with two tranches had been sold last week. Its green component represents the company’s first offering of such financial instruments.

The green bonds mature in 10 years.

According to the insider, Fortescue Metals will use the proceeds to finance or refinance new or existing green projects, including renewable energy, energy efficiency, battery storage and others.

Under a plan unveiled in 2020, the Aussie group aims at reaching net-zero operational emissions by 2040. The company is also working to decarbonise by incorporating greener technologies into its operations.

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\