Grenergy successfully issues €52.5 million of green bonds in MARF
● It was placed with around thirty investors, mainly institutional and private banks
● With an interest rate of 4%, the company improved by 75 basis points compared to the previous financing operation in a difficult market environment with rising interest rate expectations, interest rates historically high inflation rates and geopolitical risks following Russia’s invasion of Ukraine.
Madrid, April 5, 2022.- Grenergy, a producer of energy from renewable sources and a specialist in the development, construction and management of photovoltaic and wind projects, has successfully issued a new program of green bonds on the BME Fixed Income Market (MARF) for a final value of 52.5 million euros and a maturity of 5 years.
This is Grenergy’s second bond issue on MARF after the inaugural issue of €22 million in November 2019. This new issue of €52.5 million was highly fragmented and was placed with 30 investors with very diverse profiles, including national and international institutional investors and private banks.
With an interest rate of 4%, the company managed to improve the cost of the previous bond issue by 75 basis points, despite a complicated market environment with expectations of higher interest rates, interest rates historically high inflation and geopolitical risks following Russia’s invasion of Ukraine. . With this, it strengthens its financial position to continue undertaking the investments of its strategic plan, which envisages reaching its own portfolio of production projects of 3.5 GW by 2024.
The issuance was supported by the rating upgrade from credit rating firm Axesor, which recently upgraded the company’s Investment Grade rating from ‘BB+’ to ‘BBB-‘ and kept its outlook stable.
The issue was led by Bankinter as arranger, placement agent and paying agent, supported in the placement by BIG and EBN. Bankinter also acted as an advisor in the process of obtaining the credit rating. Evergreen Legal provided legal advice to Grenergy, while Ramón y Cajal acted as legal advisor to the coordinating entity and the underwriters. Additionally, the company has relied on Norgestion as registered legal counsel.
The transaction complies with the International Capital Markets Association (ICMA) Green Bond Principles 2022. Additionally, the company’s green finance framework has a second-party opinion (SPO) from ESG rating agency Sustainalytics.
According to Daniel Lozano, Director of Strategy and Capital Markets, “In an environment of volatility in the bond markets, with rising inflation and possible rate hikes, Grenergy was able to raise funds at an extraordinarily competitive price, demonstrating the support of investors in the capital markets, which allows us to continue to move forward with our ambitious growth plan”.
According to Alfonso Pastor, Head of Capital Markets at Bankinter, “this is MARF’s first bond issue in 2022, a year that is complex in capital markets due to increasing volatility and rising curves. Grenergy was able to attract a robust, atomized anddifferential demand, obtaining very attractive conditions. With this transaction, Bankinter strengthens its leading position in bond, bond and note transactions, in the middle market”.
About Grenergy Renovables
Grenergy Renovables is a Spanish company created in 2007, independent producer of energy from renewable sources, mainly wind and photovoltaic, which has been listed on the Continuous Market since 2019. Its economic model covers all phases of the project, from development, to building. and the financial structuring of plant operation and maintenance. The company has a global pipeline of more than 10 GW at various stages of development in the ten countries where it operates in the European market (Spain, Italy,
Poland and United Kingdom), North America (United States) and Latin America (Chile, Peru, Mexico, Argentina and Colombia).
Daniel Lozano[email protected]Telf. +0034 917 08 19 70www.grenergy.eu
More information :