Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
Sep 19, 2024 11:01 CESTGerman energy group RWE AG (ETR:RWE) has issued its first green US dollar bond, raising USD 2 billion (EUR 1.88bn), marking its first green bond placement outside Europe.
The offering enjoyed strong investor interest with the order book 3.8 times oversubscribed.
“With our first US green bond, we are expanding our sustainable financing. Going forward, we plan to be a regular issuer in both Euro and US markets,” said chief financial officer Michael Mueller. RWE intends to issue bonds averaging 3-3.5 billion annually until 2030 in both euros and US dollars.
“The US stands as our largest market outside of Europe where we have more than doubled our net installed capacity since 2020 to 9 GW today,” the CFO continued and added that RWE wants to further expand in onshore and offshore wind, solar and batteries there with investments of about EUR 20 billion by 2030.
RWE will use the net proceeds for its Growing Green programme, under which it plans to invest EUR 55 billion globally and expand its green portfolio to over 65 GW by 2030.
The issue was in two USD-1-billion tranches with maturities of 10 and 30 years, respectively. The first tranche has a yield-to-maturity of 5.926%, based on a coupon of 5.875% per year and an issuance price of 99.619%. For the second tranche, the yield-to-maturity is 6.261%, based on a coupon of 6.250% and an issuance price of 99.852%.
(USD 1 = EUR 0.939)
Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
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