Enel launches €1 billion green bond

Enel has launched a €1 billion green bond to finance clean energy projects including development of renewable energy projects, smart grid technology and demand response initiatives.

Enel CEO Francesco Starace (pic: International Renewable Energy Agency)
Enel CEO Francesco Starace (pic: International Renewable Energy Agency)

The company stated eligible green projects could include the development, construction and repowering of renewable generation plants.

It added transmission and distribution networks, smart metering systems, sustainable mobility projects, smart lighting, and energy efficiency schemes could also be funded.

Enel intends to refinance €13.6 billion before 2021, including through the issuance of green bonds.

The utility-developer also plans to invest €10.6 billion in 11.6GW of renewable energy capacity over the next three years, including 6.1GW of wind.

Its latest green bond is the company’s third on the European market and provides for repayment in a single instalment at maturity on 21 July 2025 and payment of a fixed-rate coupon equal to 1.5% payable annually in arrears from July 2019.

Its issue price is set at 98.565% and the effective yield at maturity is equal to 1.736%.

The settlement date for the issue is 21 January 2019.

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