MARF registers first Green Bond programme by Grenergy

  • For a maximum amount of 50 million euros
  • The company diversifies its long-term financing sources to access investors with ESG management criteria

MARF today admitted to trading a Green Bond Programme by energy company Grenergy Renovables. This is the first green bond transaction in this Fixed Income market operated by BME. The Programme will allow the company to issue bonds with nominal amounts per unit of 100,000 euros, with fixed or variable coupons, flexible structures and maturities up to 7 years. The total amount will be 50 million and the characteristics of the issues will be determined in each of the tranches to be launched over the next twelve months.

The Programme is led by Bankinter, acting as Global Coordinator and Placement Entity. The Registered Advisor of Grenergy in MARF is Norgestión, while Evergreen Legal has advised the issuer on the legal aspects of this transaction. Ramón y Cajal Abogados acts in the Programme representing the placement entity.

The company has a corporate BB+ rating, stable outlook, by credit rating firm Axesor Rating.

The issues launched under this Programme will receive the green label in accordance with ICMA’s Green Bond Principles and the second party opinion granted by the international sustainability agency Vigeo Eiris. The Programme will allow the company to diversify its long-term financing sources and access investors with ESG management criteria.

Sustainable investment is taking centre stage this year and is here to stay. At BME we continue innovating and developing our markets to offer companies pioneering financing solutions that support their growth”, said Gonzalo Gómez Retuerto, Managing Director of MARF.

David Ruiz de Andrés, CEO of Grenergy, stated: “the registration of our first green bond programme – which is also the first on MARF – complements our growth strategy, based until now on asset rotation and energy sales”.

Grenergy Renovables is a power producer from renewable energy sources and a specialist in the development, construction and management of photovoltaic and wind projects. The company has operations in Spain and strategic countries in Latin America, such as Chile, Peru, Colombia, Mexico and Argentina.

With this deal the company will complete the financing of its growth plan, which includes the development and construction of new photovoltaic and wind farms between 2019 and 2020 to reach 1.3 GW as an independent power producer (IPP) in 2022. The company posted total revenues last year of 55.4 million euros and an EBITDA of 22 million. Its shares have been traded on MAB since 2015.