Iberdrola issuing EUR-750m hybrid bond for renewables in Australia, Poland

Port Augusta Project, South Australia. Image by Iberdrola, S.A. (www.iberdrola.com)

November 10 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE) is issuing a EUR-750-million (USD 866.3m) hybrid green bond to finance its renewable energy projects in Australia and Poland.

The company on Tuesday finalised the pricing and terms of the subordinated perpetual tranche, with the securities bearing interest based on an annual fixed coupon of 1.575% from the issue date to the first reset date on November 16, 2027.

Iberdrola can then buy back the bond annually, coinciding with the coupon payment date, the group said.

The issuance will be placed among institutional investors by Barclays Bank Ireland PLC, Crédit Agricole CIB, Deutsche Bank, HSBC, JP Morgan AG, Mizuho and UniCredit. The closing of the issuance and payment are slated for November 16, 2021.

Iberdrola said it would use the proceeds to finance and refinance renewable energy parks in Australia and Poland, wind and/or solar, with a combined installed capacity of 757 MW.

(EUR 1.0 = USD 1.155)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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