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Germany's Innogy issues $1bn green bond for wind projects

EBR Staff Writer Published 13 October 2017

Germany’s energy group Innogy has issued its inaugural corporate green bond of €850m ($1bn) to refinance wind energy projects in Europe.

With an annual coupon of 1.25%, the green bond has 10-year maturity with the yield-to-maturity arriving at 1.36% per year.

Proceeds from the green bond will be used to refinance four offshore wind farms in Britain and Germany as well as an onshore wind farm in the Netherlands.

The projects, which are either under construction or already operating, have a combined generation capacity of 3TWh annually, enough to power for about 830,000 households.

Innogy CFO Bernhard Günther said: “Innogy is a sustainable company by conviction and business model. Setting up a Green Bond Framework and issuing the first benchmark corporate Green Bond in Germany is a logical step to underline this position.”

The company’s Green Bond Framework also comprises energy efficiency and eMobility projects.

Innogy said in a statement: “The transaction was met with strong interest from investors and was oversubscribed several times.”

Recently, Innogy has acquired Norwegian state-owned utility Statkraft’s 50% stake in the 860MW Triton Knoll offshore wind project in the UK, and became the sole owner of the project.

Innogy is planning to commence offshore construction for Triton Knoll project by 2020 and start operations in 2021.