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Vattenfall launches maiden, €500 million green bond for energy transformation

Image: Vattenfall.

Image: Vattenfall.

Swedish energy giant Vattenfall has issued a €500 million (£438 million) green bond - its first ever - offering investors the chance to “support the transformation of the energy system”.

The proceeds from the bond will be used to support projects within the utility’s green bond framework which fall under four categories, specifically; renewable energy and related infrastructure, energy efficiency, electrification of heat and transport, and industrial projects.

Anna Borg, chief financial officer at Vattenfall, said the firm had seen very strong interest in its first green bond from European investors.

“I am happy that so many investors have chosen to participate in our bond offer, and chosen to contribute to our vision of a fossil-free life within one generation,” she said.

The bond will have a tenor of seven years and represents the first under an Euro Medium Term Note (EMTN) programme under Swedish governing law, to be listed on Stockholm’s Nasdaq.

The bond framework has been reviewed by Cicero and given the independent research institute’s highest rating.

Numerous major banks, including Citi, Deutsche Bank, Nordea and SEB, have acted as joint bookrunners.

The settlement date is set for 24 June 2019.

Although predominantly known for its activity in the wind sector, Vattenfall has increasingly ploughed its furrow wider, announcing major investments into solar, battery storage and EV charging infrastructure.


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