German energy group RWE AG (ETR:RWE) said on Tuesday it has issued its first green bond, raising EUR 500 million (USD 611m) to exclusively fund wind and solar projects.
The company is looking to expand its wind and solar portfolio to more than 13 GW of net capacity by the end of 2022 and currently has 3.7 GW of projects under construction.
It will allocate the green bond proceeds by the end of the year.
The issuance attracted strong investor interest, with the order book being more than three times oversubscribed, RWE said.
The bond has a 10-year maturity and a coupon of 0.625% per year. Based on an issue price of 99.711% the yield-to-maturity is 0.655% per year.
Bookrunners were BBVA, Citi, Deutsche Bank and Societe Generale, along with Intesa Sanpaolo, LBBW and SMBC.
(EUR 1.0 = USD 1.222)
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