European Energy closes €75 million hybrid green bond

In: Windfarms
European Energy A/S has closed the book on a new oversubscribed hybrid green bond at EUR 75 million at 6.125 per cent interest.

European Energy raised the hybrid bond in order to further increase its construction activity, as many development projects across its markets will become ready-to-build within the coming months and quarters.

The hybrid bond increases European Energy’s activity on the bond market, as the company also has a senior bond of EUR 200 million trading with yield of approximately 4 percent.

Knud Erik Andersen, CEO of European Energy A/S, said: “We are pleased with the continued trust that investors are showing us. Also this time, we have had substantial interest in our new hybrid green bond, and weare especially pleased that more than 90 percent of our existing bondholders have committed to increase their investments in our company. In a time of the unfolding global COVID-19 crisis, we are pleased that green investment opportunities continue to attractinvestors’ attention.

“We have high ambitions for the coming years and plan to construct 750 MW of additional renewable energy projects next year. Our new green bond is central toachieving this ambitious target. Within a few years, we aim at constructing 1 GW every year”

Almost 100 investors have secured an allocation of the new green bond from European Energy. The bond will be listed later this year at Nasdaq Green Bond Index Danmark.

European Energy currently has more than 1 GW of additional renewable energy parks either under construction or in Ready-To-Build status.

European Energy recently acquired an additional 50% in two Danish Open Door wind farms to become the sole owner of both projects. The
Omø Syd and Jammerland Bugt nearshore wind parks have a combined capacity of 560 MW and are expected to enter operations in 2023.

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