Fervo gets USD-100m loan for 1st phase of large US geothermal project
Sep 11, 2024 11:39 CESTIceland's state-owned Landsvirkjun has obtained USD 200 million (EUR 162.4m) from the issuance of its green bond on the US private placement market, the electricity producer said on Monday.
The funds, secured from US and UK institutional investors, will help Landsvirkjun support the construction of the 90-MW Theistareykir geothermal power station and the Burfell II hydropower plant (HPP), part of the 270-MW Burfell complex in Iceland.
The bond offering was completed on Friday without a guarantee of collection. Overall, it was seven times oversubscribed from the initially launched amount of USD 100 million, Landsvirkjun said. The bond has maturities of between four and 10 years and carries an average weighted fixed interest rate of 4.14%.
Barclays (LON:BARC) and Citi (NYSE:C) were hired as joint placement agents in the transaction, which Landsvirkjun said made it the first issuer in Iceland placing a bond in the Green Bond format.
According to its website, Landsvirkjun operates 16 HPPs and geothermal plants in Iceland, producing around 70% of all electricity used in the country entirely from renewable energy sources.
(USD 1.0 = EUR 0.812)
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