REN – Redes Energéticas Nacionais’ EUR 300 Million Green Bonds Offer

PLMJ and Clifford Chance advised REN – Redes Energéticas Nacionais on its first issuance of green bonds. CMS Rui Pena & Arnaut advised the banks from the Portuguese perspective.

REN is the concession holder for electricity transmission and transport of natural gas in Portugal, and it is responsible for technical management of the national electricity and gas grids.

The debt issued has a maturity of eight years and the transaction is part of REN’s long-term financing strategy based on the pillar of sustainability. The proceeds of the issuance will be applied by REN to investments in certain eligible green assets and investments in accordance with REN’s Green Finance Framework, disclosed by the company earlier this year.

BBVA and Santander, Millennium BCP, CaixaBI, Caixa Geral de Depósitos, ING, JP Morgan and SMBC (Sumitomo Mitsui)  acted as joint bookrunners for the offering.

On Clifford Chance’s side, the operation was led from Madrid by English law partner and specialist in Capital Markets, Antonio Henriquez (Picture), who worked closely with partner, Jurgen van der Meer, from the Amsterdam office. They were supported by Stacey Zverev, senior associate from Capital Markets, from the Madrid office,Tom Smeele, associate, Nolan Groenland, associate, and Onur Danismant, trainee, from the Amsterdam office.

On PLMJ’s side, the transaction was led by André Figueiredo, head of the Capital Markets practice, and the team included Raquel Azevedo (partner), Alexandre Norinho de Oliveira, Sara Asseiceiro and Pedro Roque Coelho.

CMS Rui Pena & Arnaut advised the banks with a team led by Francisco Xavier de Almeida, partner from Capital Markets area, with David Luzia Apolónia, senior associate, Pedro Fernandes Nunes, associate, and Francisco Verdelho, intern.

Involved fees earner: Nolan Groenland – Clifford Chance; Antonio Henríquez – Clifford Chance; Tom Smeele – Clifford Chance; Jurgen van der Meer – Clifford Chance; Stacey Zverev – Clifford Chance; David Apolónia – CMS Rui Pena & Arnaut; Francisco Xavier de Almeida – CMS Rui Pena & Arnaut; Pedro Fernandes Nunes – CMS Rui Pena & Arnaut; Sara Asseiceiro – PLMJ; Raquel Azevedo – PLMJ; André Figueiredo – PLMJ; Alexandre Norinho de Oliveira – PLMJ; Pedro Roque Coelho – PLMJ;

Law Firms: Clifford Chance; CMS Rui Pena & Arnaut; PLMJ;

Clients: Banco Comercial Português S.A.; BBVA Securities Inc.; Caixa Geral de Depósitos, S.A.; CaixaBI; ING Bank; JP Morgan; REN – Redes Energéticas Nacionas, SPGS, S.A.; Santander; Sumitomo Mitsui Banking Corporation;

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Federica Tiefenthaler

Author: Federica Tiefenthaler