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RWE US$2 billion dollar green bond oversubscribed 3.8 times

By: Mark Casey 12/04/2024 RWE AG

Corporate General Ports Windfarms

RWE successfully placed its first green US dollar bond with a total volume of US$2 billion. The bond was issued in two tranches of US$1 billion with 10-year tenor and US$1 billion with 30-year tenor, respectively. For the first tranche, the yield-to-maturity amounts to 5.926%, based on a coupon of 5.875% p.a. and an issuance price of 99.619%. For the second tranche, the yield-to-maturity amounts to 6.261%, based on a coupon of 6.250% p.a. and an issuance price of 99.852%. The issuance was met with strong interest from investors and the order book was 3.8 times oversubscribed at US$7.6 billion.

This is RWE’s first green bond placement outside Europe and marks the strategically important entry into the US bond market. RWE plans to issue 3.0-3.5 billion of bonds per year on average through to 2030 in both euros and US dollars.

Michael Müller, CFO of RWE AG said “The US stands as our largest market outside of Europe where we have more than doubled our net installed capacity since 2020 to 9 gigawatts today. As one of the leading renewable energy companies in the US, we want to further expand our market position in onshore and offshore wind as well as in solar and batteries with investments of about €20 billion by the end of this decade.”

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RWE US$2 billion dollar green bond oversubscribed 3.8 times

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