Ukraine's Ukrenergo places USD-825m green bond

Ukrainian state-owned power company Ukrenergo has placed its debut green and sustainability-linked Eurobonds with a total value of USD 825 million (EUR 713m).

The company said in a statement that the order book was oversubscribed almost three times. The bonds, which have a term of five years, were issued at a 6.875% yield.

The settlement should take place on November 9, 2021.

Ukrenergo intends to use the proceeds to repay debt owed to the Guaranteed Buyer and to finance or refinance eligible green projects in the fields of renewable energy, grid infrastructure and energy efficiency.

The chairman of the management board of NPC Ukrenergo, Volodymyr Kudrytskyi, commented that “the transaction marks a critical step towards resolution of the electricity market imbalances in Ukraine in line with Ukraine’s obligations to renewable energy producers.”

BNP Paribas, Deutsche Bank and Goldman Sachs International served as joint lead managers and bookrunners.

(USD 1.0 = EUR 0.864)

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