ESB has raised €500 million through its inaugural European Green Bond to support eligible investments aimed at decarbonising Ireland’s energy system. The 10-year bond carries a 4.375% coupon and represents ESB’s fourth green bond and first issuance under the European Green Bond Regulation. Proceeds will support electricity transmission and distribution infrastructure, renewable electricity generation and battery energy storage systems.
Key Overview
- Amount raised: €500 million
- Bond tenor: 10 years
- Coupon: 4.375%
- Eligible investments: Grid infrastructure, renewable electricity and battery storage
- ESB’s green bonds: Fourth overall
- European Green Bond: First issuance under the regulation
- Investment programme: Approximately €20 billion by 2030
- Sustainability assessment: Moody’s Ratings — “Excellent”
ESB Raises €500 Million Through European Green Bond
ESB has raised €500 million through its inaugural European Green Bond as the company seeks to support investments aimed at decarbonising Ireland’s energy system.
The 10-year bond carries a coupon of 4.375%. The transaction represents ESB’s fourth green bond overall and its first issuance under the European Green Bond Regulation.
It is also the first issuance by an Irish corporate under this format.
Funds to Support Ireland’s Energy Transition
Proceeds from the bond will be allocated to eligible investments outlined in ESB’s updated Green Finance Framework and European Green Bond Factsheet.
Eligible investments include electricity transmission and distribution infrastructure, renewable electricity generation and battery energy storage systems.
The investments are intended to support the development of an electricity system capable of meeting changing energy needs while contributing to the decarbonisation of Ireland’s energy system.
ESB Plans €20 Billion in Capital Investment
The green bond forms part of ESB’s wider investment programme.
The company is planning approximately €20 billion in capital investment by 2030 to develop an electricity system capable of supporting housing growth, economic expansion and technological transformation across society.
The programme is aligned with the Irish Government’s National Development Plan and ESB’s strategy to reach net zero carbon emissions by 2040.
The investment programme is expected to focus on modernising and expanding Ireland’s electricity infrastructure as energy demand and technological change continue to shape the country’s electricity system.
Moody’s Gives Framework “Excellent” Score
ESB’s updated Green Finance Framework was independently assessed by Moody’s Ratings, which awarded it its highest sustainability quality score of “Excellent.”
Moody’s also completed a pre-issuance review of ESB’s European Green Bond Factsheet.
The framework and factsheet establish the basis for identifying eligible investments and allocating proceeds from the company’s green financing.
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First ESB Bond Under European Green Bond Regulation
The transaction represents ESB’s first issuance under the European Green Bond Regulation, following three previous green bond issuances.
The European Green Bond format provides a framework for issuers seeking to use the European Green Bond designation and establishes requirements around transparency and the use of proceeds.
For ESB, the issuance places its latest green financing within the framework established by the regulation and its updated sustainable finance documents.
Investor Support for Energy Infrastructure
ESB Group Treasurer Anne Marie Kean said the successful completion of the bond was an important milestone for the company’s sustainable finance programme.
She said the strong investor support reflected confidence in ESB’s strategy and its investment programme to modernise and expand Ireland’s electricity infrastructure.
The company also highlighted the importance of providing investors with a clear and transparent basis for supporting its energy infrastructure investment programme.
Banks Support the Green Bond Issuance
BBVA Corporate & Investment Banking and ING acted as Joint Sustainability Coordinators, supporting ESB in developing its updated Green Finance Framework and European Green Bond Factsheet.
BBVA, Goodbody, ING, MUFG and Société Générale acted as Joint Bookrunners on the issuance.
Their involvement supported the development and execution of ESB’s latest green financing transaction.
Outlook
ESB’s €500 million European Green Bond provides funding for investments in renewable electricity generation, electricity transmission and distribution infrastructure and battery energy storage systems.
The issuance also forms part of ESB’s broader approximately €20 billion capital investment programme through 2030, which is designed to modernise and expand Ireland’s electricity system.
As ESB continues implementing its investment programme, the company expects its sustainable finance activities to support the development of an electricity system capable of meeting Ireland’s future energy, economic and technological needs.
FAQs
1. How much did ESB raise through the green bond?
ESB raised €500 million through its inaugural European Green Bond.
2. What will the green bond proceeds finance?
The proceeds can be allocated to electricity transmission and distribution infrastructure, renewable electricity generation and battery energy storage systems.
3. How long is the ESB green bond?
The bond has a 10-year tenor and carries a 4.375% coupon.
4. What makes this ESB’s first European Green Bond?
It is ESB’s first issuance under the European Green Bond Regulation and the first issuance by an Irish corporate in this format. It is also ESB’s fourth green bond overall.
Sources: Dealroom, ESG News, ESB Corporate, reNEWS
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