REN prepares €300 million green bond issue
REN – Redes Energéticas Nacionais, Portugal’s national electricity grid company, is to issue green bonds worth €300 million with an eight year maturity aimed at institutional investors according to Bloomberg.
According to the news agency, which quotes an inside source, the company led by Rodrigo Costa has authorised the issue via REN Finance BV, for a bank syndicate to organise conversations with investors.
JP Morgan is the sole green structuring agent for the operation, while Barclays, CaixaBI, ING, Mediobanca, Millennium bcp and Santander will be the joint book-runners.
REN issued its first green bonds in April 2021 in an operation that exceeded offer by five times. At the time it went to the market to create a “cash cushion” so that the company could continue to “pursue its energy transition”.
REN enjoyed increased profits for the first nine months of 2023 to €96.2 million, representing an increase of 18.2% like-for-like. The company will issue its full year financial results on March 6.