Energie Baden-Württemberg AG (EnBW) is one of the largest electricity suppliers in Germany, with its historical roots in the region of Baden-Württemberg. They supply services to 5.5 million customers across Germany, Czech Republic and Switzerland.
In 2017, renewable energy (excluding nuclear generation) comprised 26% of their generation mix, and they have a target increasing this to 40% in 2020.
This is their first green bond and the proceeds will be used to finance and refinance their investments in onshore solar, onshore wind, electric vehicle charging infrastructure and 2 offshore wind farms in the German North Sea (Hohe See and Albatros, with a combined capacity of 610MW)
In 2020, their issuance was used to refinance their acquisition of Valeco, the French wind power and solar company, which has a combined installed capacity and project pipeline of 1.7GW generation.
The company has a goal of 50% generation coming from renewables, by 2025.
|NAME OF BOND||
DATE OF ISSUE
|TYPE OF INSTRUMENT||
JURISDICTION OF ISSUE
CLIMATE BONDS SECTOR CRITERIA
|ANNUAL REPORT||FURTHER INFORMATION|
|EnBW Inaugural Green Bond||October 2018||Use of Proceeds||EUR 500m||15 years||Germany||Solar, Wind, Marine Renewable Energy, Low Carbon Transport|
|Green Hybrid Bond||August 2019||Use of Proceeds||EUR 1 billion||60 years||Germany||Solar, Wind, Marine Renewable Energy|
|Surbordinated Bond||June 2020||Use of Proceeds||EUR 500 million (USD 568 million)||60 years||Germany||Solar, Wind||Pre Issuance Verification||Press Release|