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Sunday, May 26, 2024

Evergreen, RyC advise on Grenergy’s 2nd GBP for a value of €100m

Evergreen Legal has advised Grenergy Renovables while Ramón y Cajal counselled Bankinter on this new green bond programme registration in MARF, for a value of €100 million

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This long-term securities issuance programme will allow Grenergy to issue green bonds in accordance with the Green Bond Principles of the International Capital Markets Association (ICMA) with unit notional amounts of €100,000, fixed or variable coupons, flexible structures and flexible maturity of up to 10 years. The total amount of the programme is €100 million and the specific features will be determined for each issue to be launched over the next twelve months.

The incorporation of the programme is aimed at diversifying the Company’s sources of financing and broadening its financing options to undertake the strategic and growth plan for the coming years.

The Company’s green financing framework has received a Second Party Opinion  (SPO) from the rating agency Sustainalytics. The report considers the positive impact of the use of the funds on the environment and evaluates the credibility of Grenergy’s green financing framework and its alignment with international standards.

It deserves to be mentioned that Grenergy was the first to undertake a Green Bond Programme in MARF in October 2019 (now a second Programme) and the first to undertake a Green Note Programme in September 2021.

Grenergy Renovables Legal advisor was Evergreen Legal with partner Alberto Campo and counsel Yurena Medina, while a Ramón y Cajal’s team, led by Capital Markets partner Carlos Lao and lawyer Santiago García de Fuentes counselled Bankinter.

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