October 17 (Renewables Now) - Grenergy Renovables SL (BME:GRE) has registered its first green bond programme for up to EUR 50 million (USD 55.6m) with Spanish alternative fixed-income market MARF to finance its growth plan for the development of new solar and wind farms in 2019-2020.
MARF said Wednesday that the programme had been admitted to trading, allowing the Spanish renewables developer to issue bonds with nominal amounts per unit of EUR 100,000, with fixed or variable coupons, flexible structures and maturities of up to seven years.
The characteristics of the issues will be determined as each tranche is launched over the next 12 months.
Bonds issues under this programme will be able to receive a green label in line with the green bond principles by International Capital Market Association (ICMA) and the opinion of Vigeo Eiris, MARF said.
Spanish credit rating agency Axesor Rating has rated Grenergy BB+ with a stable outlook.
(EUR 1.0 = USD 1.11)