Neoen successfully launches the first ever Green Convertible Bond issue in Europe

02/06/2020

Neoen announced the launch of the first ever Green Convertible Bond in Europe (“OCEANE verte”), maturing in 2025 and for a nominal amount of 170 million euros. Accompanied by Societe Generale, this announcement is another step forward in strengthening Neoen’s commitment to be at the forefront of sustainable finance.

Neoen, one of the world's leading and fastest-growing independent producers of exclusively renewable energy, has announced the launch of the first ever Green Convertible Bond issue in Europe (OCEANE “verte”), maturing in 2025 and for a nominal amount of 170 million euros.

Societe Generale acted as Global Coordinator, Joint Bookrunner and Joint Green Structuring Bank, pooling its in-depth expertise in Equity Capital Market and sustainable finance.

The proceeds from this “OCEANE verte” issue will be allocated to finance or refinance projects for the production of renewable energy (solar photovoltaic and wind energy) or energy storage in accordance with the requirements of the European Union’s taxonomy and with the Framework document published on Neoen website.

This issue will thus enable Neoen to finance its growth towards its target of having more than 5.0 GW in capacity in operation or under construction by the end of 2021, while optimizing its balance sheet. It testifies to the trust Neoen has placed in Societe Generale, already present at the time of its Initial Public Offering in October 2018, and during its first standard Convertible Bond issue in October 2019 for an amount of 200 million euros, for which the Bank also acted as Global Coordinator.

By playing a leading role in the structuring and execution of this innovative operation, the first of its kind in Europe, Societe Generale confirms its status as leader on the ECM market in France (#1 since 2010), and as a key player in Green Bond issues (more than 100 billion Sustainable Bonds - including Green Bonds – have been raised since 2019).

Pierre Troussel,
Co-Head of Equity Capital Markets for France, Belgium and Luxembourg

We are extremely happy to innovate with the launch of this first ever European green convertible bond issue. This confirms Neoen's commitment to be at the forefront of sustainable finance, having made the choice of focusing mainly on mature carbon-free technologies, with a mission to produce the most competitive renewable electricity, sustainably and on a large scale. This transaction will contribute financing our investments in sustainable growth. This issue also provides an opportunity for investors to participate actively in the global combat against greenhouse gas emissions and climate change.

Xavier Barbaro,
Chairman and CEO of Neoen
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