UPDATE - Neoen prices EUR-170m green bond

May 28 (Renewable Now) - France’s Neoen SA (EPA:NEOEN) has priced its EUR 170 million (USD 187.3m) offering of European green bonds for its renewables business, saying the placement had “strong success”.

The French power producer announced on Thursday a nominal unit value of EUR 46.2, equal to a 40% premium above the reference price for the company’s shares in a separate placement of 606,060 shares.

The bonds, due in 2025, will have an interest rate of 2%. Settlement is scheduled for June 2.

This is Neoen’s debut placement of European senior unsecured green bonds, convertible into new shares of the company and exchangeable for existing stock. The proceeds will be allocated to support the French firm’s wind, solar photovoltaic (PV) and storage projects, and will support its goal of having over 5 GW of capacity in operation or under construction by end-2021.

At the end of March, Neoen’s operational capacity reached 2 GW. The company additionally had 2.2 GW of awarded projects and plants under construction.

(EUR 1.0 = USD 1.102)

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