EDF has launched an inaugural landmark offering of green senior unsecured bonds convertible into new shares or exchangeable for existing shares of the company for a maximum nominal amount of €2.4 billion due in 2024. This new offering is the first convertible bond issued by EDF. In 2015, EDF set a target of doubling its net installed renewables capacity to more than 50 GW in 2030, as a core component of its Cap 2030 strategy. With this offering, the company reaffirms its ambitions in renewable energy.
An amount equal to the net proceeds of the entire offering will be allocated, directly or indirectly, to the financing and or refinancing, of eligible projects, as defined in EDF’s Green Bond Framework. Moreover, refinancing of existing eligible projects with the present offering, with a maximum three-year look-back period before the issuance year of the green bonds, amounts to approximately €1.5 billion.
In addition, EDF has also announced its intention to issue two new Euro-denominated tranches of hybrid notes. The first tranche is for perpetual 6.5 years non-call hybrid notes with a first redemption on March 15, 2027, and the other is for perpetual 10 years non-call hybrid notes with a first redemption on September 15, 2030.