De Raj to finance renewables through EUR-50m bond issue

German energy company De Raj Group AG (ETR:DRJ) intends to issue a EUR-50-million (USD 56.6m) bond mainly to finance renewable energy projects, it announced on Friday.

The management board of the company has approved listing the said 8% bond, divided into up to 50,000 notes payable to the bearer, on the Astana International Exchange in Kazakhstan. The notes will mature on February 28, 2023.

De Raj said in a statement that about 80% of the proceeds from the issue will be used to cover the equity portion of leveraged renewable energy projects with long-term sovereign power purchase agreements (PPAs) in Europe, Australia, Asia and the Middle East.

The rest of the proceeds will be spent on the purchase of assets and businesses in the oil and gas space in CIS countries.

(EUR 1.0 = USD 1.132)

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