November 25 (Renewables Now) - French renewable power producer Akuo Energy has raised EUR 45 million (USD 49.6m) through the issuance of a six-year green bond aimed at reducing the cost of financing and increasing the company’s competitiveness.
Akuo said in a statement that the issued amount was raised to EUR 45 million from EUR 40 million in order to meet the strong demand from investors. The issue was more than twice oversubscribed.
The bond is listed on the Euronext Access market. Octo Finances acted as arranger and sole lead manager, while CMS Francis Lefebvre served as legal adviser.
Akuo noted that one of the objectives of the issue is to refinance bonds maturing respectively in November 2019 and June 2020. The company repurchased and cancelled on Friday about EUR 26.89 million worth of 2020 bonds and now has a total of five outstanding bonds with a nominal amount of more than EUR 160 million. The proceeds of those will be used for the financing of renewable power generation or storage assets.
The company said it currently has over 1 GW of capacity in operation and under construction.
(EUR 1.0 = USD 1.102)