Germany's EUSOLAG European Solar issues green bond

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

(An update to this story, with clarifications, is available here)

March 29 (Renewables Now) - German solar asset manager EUSOLAG European Solar AG has issued a green bond worth EUR 10 million (USD 10.96m) to fund its growth and finance the acquisition of its first solar projects.

The bond is due in five years and bears a coupon of 6.25% per year. It will start trading on the stock market in Frankfurt in the coming days, EUSOLAG said on Tuesday.

The note is the first tranche of EUSOLAG's Green Energy-Liberty Bond that was unveiled earlier in March and could reach a volume of up to EUR 125 million.

The Frankfurt-based investor is seeking to build a portfolio of solar plants worth more than EUR 500 million in the next five years. The company is focusing on facilities of between 2 MW and 50 MW across Europe. EUSOLAG will seek to maximise the revenues from the plants on the spot market as well as with power purchase agreements (PPAs), board member Daniel Spinnler said earlier this month.

(EUR 1 = USD 1.097)

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