The funds will be used to refinance onshore wind farms commissioned between 2008 and 2012 in the UK, Spain and Portugal, said Iberdrola.

The bond issue maturing in April 2026 has a coupon payment of 1.125%. Iberdrola said that was the lowest it had yet obtained for a 10-year bond.

Iberdola – which staged a €750m greenbond issue in 2014 – said the bond was four-times over-subscribed “amid high investor demand driven by sustainable, socially responsible investing”.

Green