Enel issues €1.25bn green bond to underpin transition

Enel has launched a €1.25bn ($1.33bn) green bond issue, the first by the Italian energy giant as it moves to underpin its ambitious transformation to a clean-power future.

The bond issue, which matures in September 2024, attracted about €3bn of subscriptions “with considerable interest” from socially responsible investors, enabling Enel to further diversify its investor base, the Italian group said.

The green bond is expected to be listed on the Irish and Luxembourg stock exchanges.

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The launch was led by a syndicate of banks comprising Banca IMI, BofA Merrill Lynch, Credit Agricole CIB, Citi, Deutsche Bank, HSBC, JP Morgan, Mizuho Securities, Natixis, SMBC Nikko and UniCredit Bank as joint bookrunners.

Proceeds will be used for projects that qualify under the principles governing green bonds.

Enel said that will include development, construction and repowering of renewables plants, as well as network development.

The Italian company said green bonds will play a role in €12.4bn of refinancing as it shifts towards a renewables-led future. It is planning the addition of 6.7GW of new capacity over the next three years.