Copenhagen Infrastructure Partners and GIC to Buy TagEnergy Green Bond
Posted on 06/19/2023
Australia has a developed power market characterized by growing renewable penetration and a national renewable energy target. TagEnergy, S.A. (TagEnergy) has announced the closing of a dual currency (AU$ and €) green bond totaling a maximum of €570,000,000 (equivalent) with Copenhagen Infrastructure Partners (CIP) and Singapore’s GIC Private Limited as investors.
Copenhagen Infrastructure Partners is investing through its Green Credit Fund I.
This transaction is a key milestone for TagEnergy as the issuance will be instrumental in supporting the growth of its renewable energy portfolio of onshore wind, battery energy storage systems (BESS) and solar PV assets across the U.K., Europe, and Australia.
TagEnergy was founded in 2019 by management and the Impala SAS Group, and now counts Mirova and Omnes as additional shareholders. TagEnergy has achieved financial close on several renewable energy projects within its portfolio recently including the 756MW first stage of the 1.3GW Golden Plains Wind Farm onshore wind mega-project in Victoria, Australia as well as four BESS facilities across the U.K. totaling 169MW.
The first €270,000,000 (equivalent) tranche adds to the existing funding sources for the construction of the first stage of Golden Plains Wind Farm with the remaining up to €300,000,000 (equivalent) follow on tranche dedicated to TagEnergy’s other global renewable assets. The notes are a pivotal part of TagEnergy´s strategy to bring over 4GW of onshore wind and other renewable energy projects to commercial operation across several OECD jurisdictions.
The notes are registered at Interbolsa and represent a significant issuance in the Portuguese bond market. G-Advisory has independently certified that the green bond is consistent with the ICMA Green Bond Principles 2021.
Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to TagEnergy who was also advised by White & Case and Garrigues (legal). CIP and GIC were advised by Linklaters and Allens (legal).
TagEnergy CEO Franck Woitiez said this significant green bond will allow TagEnergy to quickly and effectively deliver its current pipeline of renewable energy projects helping the world to reach net-zero carbon emissions sooner.