Spanish energy giant Iberdrola has launched €850 million green bonds which it says was supported by strong demand exceeding €2 billion, with 142 investors participating in the round. The company plans to use the proceeds to invest in its green eligible assets that include solar PV and wind energy projects, among others.
It has announced 34% placements in France, 21% in Germany and Austria, 17% in Benelux, 16% in the UK and 12% in other European nations.
"A majority of the transaction (87%) was placed with ESG investors, so Iberdrola continues to diversify its investor base and expand demand, which improves the execution of these transactions in difficult market times," said Iberdrola.
Barclays, Citi, Crédit Agricole, Deutsche Bank, Goldman Sachs, Sumitomo, JP Morgan and Unicaja-Kenta Capital participated in the placement, it added. It did not however, mention which projects it plans to fund with the green bonds money.
The latest 10-year bond issue raises the group's total green bonds value to €18.5 billion out of more than €50 billion in outstanding operations, according to the management.
Iberdrola targets to have 100 GW installed power generation capacity by 2030 with renewable energy accounting for more than 80% of it. It estimates an investment worth over €47 billion on the same between 2023 and 2025. Along with green bonds, the company is also securing loans from international lenders to meet its business needs.
In June 2023, Iberdrola bagged €1 billion EIB finance to support its 2.2 GW solar and wind energy capacity in 3 nations (see Fresh Finance For Renewable Energy Power Plants In Europe).
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