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French Renewable IPP Akuo Energy Grabs €34 Million In Green Bond Issue

France’s leading independent power producer in the renewable energy sector, Akuo Energy, has successfully completed a fresh green bond issue.

Akuo Energy announced that it has raised €34.4 million from a green bond issue. This is the first green bond issue by an independent power producer (IPP) in France, and was the third private placement of bonds carried out by Akuo Energy over the last two years, taking the total amount raised by Akuo Energy through corporate bond issues to €84 million.

The latest bond issue conforms to the Green Bond Principles. The company has claimed that it has given undertakings to the subscribers regarding the use of the capital raised. The subscribers will be able to track how the capital was used and where it was invested. The company plans to use the funds to exclusively fund its own renewable energy projects. The amount of greenhouse gas emissions offset and number of homes powered by the power generated by the financed projects will also be shared with the subscribers.

Natixis and Octo Finances were the Lead Managers and Bookrunners for this bond issue. CMS Bureau Francis Lefebvre was the legal advisor for the operation.

Green bonds are becoming increasingly popular globally as a mode of raising cheap capital. The Climate Bonds Initiative, that tracks several green bond issues across the globe, notes that as of June 2015 almost $19 billion worth of green bonds had been issued. Climate Bonds Initiative expects the total green bond issuances to cross $100 billion this year which would represent a huge increase from $36.6 billion raised last year.

 
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Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.

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