Renewable

February 28 (Renewables Now) - French renewable power producer Qair has launched a EUR-43.7-million (USD 48.8m) green bond offering, seeking to back its goal for 1 GW of assets in operation by end-2022.

More specifically, Qair aims to bring online 377 MW of fresh renewable power capacity by the end of the year, thus expanding its 655-MW portfolio of assets in operation. According to its press release on Thursday, the raised funds will go for new power plants in Europe.

The placing is Qair’s first green bond issue. The bonds, maturing in 2027, were allocated among qualified institutional investors, among which is the European Bank for Reconstruction and Development (EBRD). The latter said separately it is investing EUR 8.7 million, while Qair has pledged to spend at least twice the EBRD investment for solar and wind projects in countries where the bank operates within the next 36 months.

The French firm currently has a pipeline of 547 MW of renewable projects in Poland, 250 MW in Greece and 107 MW in Romania.

“This first issue will improve the group’s competitiveness and flexibility, giving Qair the means to continue executing its strategy,” said Alexandre Lambolez, CFO of Qair.

CIC was the arranger and lead manager of the transaction, while Credit Agricole Languedoc acted as co-arranger.

(EUR 1.0 = USD 1.116)

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