PLN 750 million from the Green Bonds issue has been credited to Polenergia’s account. Poland’s largest private energy group allocated them to 57 investors. Polenergia will use most of the funds to build offshore wind farms. Two most advanced projects, Bałtyk 2 and Bałtyk 3, with a total capacity of 1440 MW, have complete building permits. The Bałtyk offshore wind farms are one of the largest infrastructure projects in Poland’s history. Polenergia is developing it jointly with Norwegian energy giant Equinor.
Polenergia has issued and allocated Green Bonds for the first time in its history. Their total nominal value is PLN 750 million. It consists of 750 thousand Series A bonds, each with a nominal value of PLN 1 thousand. The bonds were allocated to a total of 57 investors, that includes sub-funds.
The spectacular success of Polenergia’s Green Bonds is a very clear confirmation that the market supports the business direction we have chosen and wants, through our Group, to actively participate in the Polish energy transition and the dynamic development of further green assets. Polenergia’s investments in RES have a gigantic potential. The best evidence of this is the fact that we have exceeded PLN 1 billion in subscriptions for our Green Bonds and Polenergia’s decision to increase the issue amount from PLN 500 to 750 million. Huge confidence from investors is very gratifying. In our opinion, we have obtained financing on attractive terms, and thanks to the issue we are one step closer to realising our key offshore projects. Their importance for the Polish economy is absolutely strategic – emphasised Adam Purwin Member of the Board of Polenergia S.A.
Polenergia’s Green Bonds were issued on the basis of the Green Bond Framework, which received a positive opinion from Sustainalitycs, a rating agency specialising in this area. The non-brokered public offering on the domestic market was aimed exclusively at qualified investors.
The interest rate on the issued Green Bonds is variable and is equal to WIBOR 6M, plus 2.7 percentage points. The scheduled redemption date for the Series A Bonds is 16 October 2029.
Most of the funds raised from the Green Bonds will be used to construct the Bałtyk 2 and Bałtyk 3 projects. The offshore wind farms, with a total capacity of 1440 MW, have already received a set of offshore and onshore construction permits.
The final investment decision (FID) for both projects should take place in the first quarter of 2025. The first energy from the Bałtyk 2 and 3 wind farms is expected to flow into the grid as early as 2027. The commercial phase of their operation is planned from 2028.
Source: Polenergia
