UPDATE - Voltalia prices EUR-200m green bond issue

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January 7 (Renewables Now) - French renewable power producer Voltalia SA (EPA:VLTSA) has set an interest rate of 1.0% to its inaugural green bond launched earlier this week and targeting around EUR 200 million (USD 246.4m).

The green senior unsecured bonds, maturing on January 13, 2025, will be issued at par through an accelerated bookbuilding among qualified investors. Their nominal unit value has been set at EUR 31.83, equal to a premium of 37.5% above Voltalia’s reference share price, which was defined as the clearing price of the concurrent placement of existing shares.

The bonds will be convertible into new shares of the company or will be exchanged for existing shares, Voltalia said on Wednesday. The company’s CEO Sebastien Clerc commented: “Our inaugural green convertible bond met with strong demand and the implementation of our innovative Green & Sustainability Financing framework is now fully validated by the financial community.”

Voltalia intends to allocate the net proceeds from the transaction to finance or refinance eligible green energy projects as part of its green and sustainability-linked financing framework. Among those is the construction of wind, solar, biomass, hydro or hybrid power plants and energy storage facilities, as well as acquisitions of renewables-focused companies.

The number of shares sold as part of the concurrent accelerated bookbuilding stands at 800,000. The settlement-delivery of the bonds and of the shares are expected to take place on January 13, 2021, Voltalia said.

(EUR 1.0 = USD 1.232)

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