Iberdrola Raises €1 Billion In Green Bonds

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Iberdrola successfully raised funding from green bonds for the second time in two years, this time to refinance onshore wind energy projects across Spain, Portugal, and the United Kingdom.

Spanish utility Iberdrola recently announced that it managed to raise €1 billion through issuance of green bonds. The green bond issue reportedly received tremendous response from investors who offered to invest 4 times the issue size.

The bonds were offered at a coupon rate of 1.125% for a period of 10 years. The coupon rate is among the lowest rates offered by the company for bonds. Thus, the company stands to save substantially by raising funds at such low rate.

The bond was verified by Vigeo Eiris, which also gave details of the eligible projects that will be refinanced. A total of 24 onshore wind energy projects will be refinanced by the company. These projects have a combined installed capacity of 736 MW.

Vigeo Eiris has given a positive ranking to Iberdrola on environmental, social, and governance parameters.  The Company reports on quantitative indicators, including the thermal carbon factor, but not on performance indicators related to the outcomes of energy demand-side management measures. Of note, the intensity of emissions from the Group’s thermal plants has dropped over the past three years, Vigeo Eiris stated while giving ‘Robust’ ranking to the company on environmental performance.

Iberdrola raised €750 million through green bonds in 2014 at a coupon rate of 2.5%. The funding was used to refinance existing renewable energy, transmission, and smart grid projects.

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