Scatec Solar places NOK-750m green bond

Utah Red Hills solar park. Image by Scatec Solar (www.scatecsolar.com)

October 31 (Renewables Now) - Norwegian independent power producer Scatec Solar ASA (OSL:SSO) today said it has issued a NOK-750-million (USD 92m/EUR 79m) green bond, demand for which has by far exceeded the targeted amount.

The bonds mature in November 2021 and carry a floating coupon of three-month NIBOR plus 475 basis points. The proceeds will go to refinance an outstanding bond maturing in November 2018, with ticker SSO01, which has a coupon of three-month NIBOR plus 650 basis points. A portion of the raised funds may also finance other activities in the Scatec Solar Green Bond Framework.

At a meeting on November 6, SSO01 bondholders are to vote on proposed amendments to the bond agreement. Settlement of the new green bond depends on the outcome of that vote.

Nordea Bank AB, Filial i Norge and Swedbank Norge served as lead managers, and ABN AMRO Bank NV was co-manager in the green bond placement.

(NOK 10 = USD 1.22/EUR 1.05)

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Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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