MARF has admitted to trading Audax Renovables’ first Green Bond, for an amount of 20 million euros. The bonds have a nominal value per unit of 100,000 euros and their maturity is scheduled for April 2022, offering early maturity under different financial scenarios. They will accrue a 2.25% coupon in the first 6 months; 2.50% from 6 to 12 months; 2.75% from 12 to 18 months and 3.50% from 18 months to maturity.
This first issue with the company's “green bond” seal will allow it to diversify its long-term financing sources to access investors with ESG management criteria. "The transaction has generated a lot of interest in the market and is evident that investments in assets based on sustainable criteria have a long way to go", says Gonzalo Gómez Retuerto, General Manager of BME Renta Fija and MARF.
The bond is part of the programme registered in July with MARF for a maximum nominal amount of 400 million euros. The Programme allows to qualify issues as green bonds, in accordance with the Green Finance Framework approved in June by the company, which meets the requirements of the International Capital Markets Association (ICMA) and received top rating from the independent expert Vigeo Eiris.
The company has a BBB- corporate rating by the Axesor Rating agency.
The placement entity has been Haitong Bank and PKF Attest Servicios Empresariales has acted as registered advisor. Banco de Sabadell is the payment agent and the legal advisor for the issue is law firm J&A Garrigues.
The funds will be used to build eight solar parks, 4 in Toledo and 4 in Guadalajara, with a combined capacity of 40 megawatts, capable of supplying the annual consumption of more than 19,000 homes.