Ecoener, a long-term renewable energy generating company, has announced the issuance of a green bond for an amount of 130 million euros through Ecoener Emisiones, S.A.
The net amounts obtained will be used to finance hydraulic and wind energy projects in the Canary Islands and Galicia. Furthermore, this issue gives the company a stable and flexible capital structure to undertake future growth initiatives.
With all its assets owned, Ecoener has a total of 130 MW in operation, 12 MW under construction and 1,242 MW under development.
The issue consists of senior guaranteed bonds with long-term maturity, 20 years and a coupon of 2.35%. The bond will be listed on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange in order to optimize and strengthen the company’s balance sheet in a demanding and prestigious financial market.
It is a pioneer green bond in Spain, due to the mix of technologies in the projects that includes both hydroelectric and wind power plants. The bond assets are included within a specific regulatory framework, which guarantees reasonable profitability and provides high visibility on the cash flows generated.
The bond has been supported by top-tier institutional investors: Aviva Investors, Aviva plc’s global asset management company and the UK’s leading insurer; Schroders, leading independent managers in the industry with a history of more than 200 years and Manulife, an insurance company with more than 175 years of experience, leading in Canada, the United States and Asia.
Société Générale has been the placement entity of the operation. Similarly, Ecoener was advised by White & Case (legal advice) and investors by Linklaters (legal documentation). In addition, Deloitte (model audit), Aon (insurance due diligence), Altermia (technical advisor) and Baringa (commercial advisor) participated.
Luis de Valdivia, CEO of Ecoener, said that “we are very satisfied with this inaugural bond issue, which confirms the competitiveness and leadership of Ecoener and shows that we have reached a higher level in our financing capacities, backed by strong results historical records and a very solid financial profile. This issuance, in addition to the reorganization of the group to market standards and the cancellation of debt, allows us to strengthen our capital base and support our future growth strategy ”.