European Energy has completed a €75m green hybrid bond tap issuance in a quick intraday execution with strong demand across the Nordics.
The bond issue will be consolidated with the former bonds issued on 22 September 2020 bringing the total issue size to €150m.
The company said the hybrid bonds have an issue price of 101.75% plus accrued interest with a settlement on 15 April 2021.
This corresponds to a yield of 5.3%, which is lower than what the company paid on its senior bond only two years ago, European Energy said.
European Energy chief executive Knud Erik Andersen (pictured) said: “We note that the yield linked to the hybrid issue price is below our coupon of our current senior bond, which shows a strong development in our company and the renewable sector.
“We are very happy with the opportunities to fund our accelerated construction programme through the well-functioning Nordic bond market.
“European Energy has initiated the construction of more than 1GW of renewable energy capacity in 2021 and expects to connect 750MW to the grid in 2021.
“We are present in more than 11 countries in Europe as well as expanding activities in the US and Brazil.
“There is a healthy pipeline of projects in many of these countries, so we are looking at a very high activity level in the company.”