Greece’s first green bond is out next week

Greece’s first green bond is out next week

Terna Energy’s new corporate bond will amount to 150 million euros, will have a maturity period of seven years and its book will open from Wednesday to Friday next week, according to the bulletin the company issued on Friday.

This is the first Greek bond to receive certification as being a green bond by the Climate Bond Initiative, which is expected to bolster its appeal in the international investor community.

The aim of the Athens-listed company is to use the funds it will raise for the full repayment of its short-term bank borrowing of 60 million euros, a loan it received in 2017 for the repayment of a corporate bond at the time. Another 90 million euros will go toward paying off borrowing that covered part of the price for a wind farm bought in Texas, while some funds may also go toward the construction of 14 new wind farms in Greece with a combined capacity of 218 megawatts.

A few months ago Terna Energy began a new 150-million-euro investment on the island of Evia, where it is constructing nine wind parks totaling 121 MW. This is expected to be gradually completed within the first half of 2020.

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