Poland's Tauron closes PLN-1bn bond sale

Polish energy company Tauron Polska Energia SA (WSE:TPE) has sold PLN 1 billion (USD 252.9m/EUR 216.6m) worth of bonds in a deal that involved a commitment from the EBRD.

The European Bank for Reconstruction and Development (EBRD) has purchased bonds with a total nominal value of PLN 240 million, Tauron Polska said on Friday. The securities mature on october 30, 2025.

Proceeds from the offering will be allocated to finance costs related to the development and acquisition of renewable energy projects, cover financing investments in the distribution segment, as well as for general corporate purposes. The supported initiatives will be related to renewables or the transition to zero emissions. Some funds will go to refinance the group’s debt.

The sale was carried out as part of the Polish group’s bond issuance programme for up to PLN 2 billion. The bonds will be listed on the Warsaw Stock Exchange (WSE).

Tauron’s goal is to raise the share of low- and zero-emission sources in its portfolio to almost 30% by 2025 and over 65% by 2030. Last year, the company said it will invest in 900 MW of onshore wind farms and 300 MW of solar parks by 2025, while also engaging in the construction of offshore wind farms.

(PLN 1.0 = USD 0.253/EUR 0.217)

Choose your newsletter by Renewables Now. Join for free!