Clifford Chance has advised the energy company EnBW Energie Baden-Württemberg AG on issuing “Green Bonds” worth a total of EUR 1 billion.
The proceeds from the bonds will be used exclusively to fund climate-friendly projects relating to the expansion of offshore and onshore wind energy and photovoltaic power. The rating agencies Moody’s, Standard & Poor’s and Fitch classify 50 percent of each of the hybrid bonds as equity for EnBW. EnBW’s Green Bonds are certified in accordance with the strict standards of the Climate Bonds Initiative (CBI) and are due to be admitted for trading on the Luxembourg Stock Exchange. The prospectus required for the bonds is one of the first to meet the requirements laid down in the revised version of the EU Prospectus Regulation, which came into effect on 21 July 2019.
The bonds will mature in 2079 and have an initial coupon of 1.125% / 1.625% and may not be redeemed until August 2024 / May 2027 at the earliest. The banking syndicate which financed the issue comprised BNP Paribas and Deutsche Bank acting as Joint Global Coordinators and Joint Structuring Advisers and a further five banks acting as Joint Lead Managers.
The Clifford Chance team comprised partner Sebastian Maerker (Picture) and associate Wolfgang Ettengruber (both Banking & Capital Markets, Frankfurt).
The EnBW in-house legal team comprised Martin Düker (Legal Group & Support) and Sarah Haghdoust (Compliance).
Law Firms: Clifford Chance;
Clients: EnBW Energie Baden-Wuerttemberg;