Ireland's ESB kicks off EUR-500m green bond sale

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January 21 (Renewables Now) - Irish energy producer and distributor ESB has launched a EUR-500-million (USD 565.9m) green bond offering in an effort to raise funds for green energy projects, including renewables.

The bond bears a fixed 1.0% interest rate and matures in July 2034. ESB said on Wednesday that it has so far received commitments worth more than EUR 2 billion, mainly from European investors.

In addition to renewable energy projects, the fresh capital will be allocated to support the development of energy efficiency schemes and the installation of net meters by ESB Networks.

“We continue to develop a pipeline of significant infrastructural projects across a range of technologies including renewable generation and critical energy infrastructure that will deliver a smart electricity network and help empower customers to become more energy efficient,” said Pat Fenlon, Executive Director, Group Finance and Commercial, ESB.

The placement is managed by BBVA, BNP Paribas, Danske Bank, JP Morgan and Societe Generale. It marks the second green bond sale undertaken by ESB after a EUR-500-million deal in 2019 that was Ireland’s first corporate green bond issuance. The previous offering helped ESB finance several infrastructure projects, among which was the construction of the 114-MW Grousemount wind farm in Co Kerry, the investment in the 353-MW Galloper offshore wind farm off the Suffolk coast.

(EUR 1.0 = USD 1.132)

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