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REN makes first green bond issue for 300 million

 

REN - Redes Energéticas Nacionais, is on the market to place its first green bond issue, of up to 300 million euros, with a maturity of eight years at a fixed rate. The group of banks responsible for the placement is BBVA, CaixaBI, ING, J.P. Morgan, Millennium BCP, Santander and SMBC, all acting as joint bookrunners. ING also has the role of "Green Structuring Bank" for the advisory services provided to REN in the preparation of its "Green Finance Framework", published last February. 


This green bond issue is part of REN's regular financing policy, maintaining its profile as a solid, low-risk company, without changing its conservative financial policy which aims to consolidate an Investment Grade credit profile. REN is rated BBB by Fitch and Standard & Poor's and Baa3 by Moody's.


REN's inaugural green issue thus follows naturally on from the recent establishment of its "Green Finance Framework". This first green bond issue by REN reflects the alignment of the company's financial strategy with the company's sustainability strategy, based on the 17 Sustainable Development Goals (SDGs) created in 2015 by the United Nations, and demonstrates the company's commitment to environmental, social and governance issues.


The issue comes two months after the company was certified by Institutional Shareholder Services (ISS-ESG) with Prime rating, considering that the company makes a "significant contribution to the achievement of sustainable development goals".