Iberdrola to back wind investments with EUR 750m green bond
First Turbine Installed at Wikinger. Source: Scottish Power Ltd
Spanish energy group Iberdrola SA (BME:IBE) on Wednesday issued a EUR-750-million (USD 895.5m) green bond on the Euromarket to finance and refinance wind power project investments.
More specifically, the proceeds will go for investments in onshore wind farms in the UK and in the 350-MW Wikinger wind farm in the German Baltic Sea. The offshore wind park is under construction with more than half of the 70 Adwen turbines installed already.
Demand for the green bond surpassed EUR 2.2 billion in the initial phase, which allowed Iberdrola to boost its size by 50% from the initially planned EUR 500 million. More than 150 investors will be taking part in the issue, including a large share of Socially Responsible Investors (SRI).
The bond matures in September 2027 and bears a coupon of 1.25%.
The Spanish company has an installed power capacity of 48 GW, of which 28.3 GW is from renewable energy sources.