Wallenstam issues Green Bonds for SEK 500 million
Published 3/19/2015Wallenstam issues Green Bonds for SEK 500 million with a maturity of four years aimed at optimizing the financing of Wallenstam’s subsidiary Svensk NaturEnergi, which produces electricity through wind and hydro power.
The Green Bonds are unsecured, will run for four years and mature in March, 2019. SEK 500 million run with a floating coupon of 3M STIBOR + 110 points. The bonds will be noted on Nasdaq Stockholm. Swedbank acted as the issuing institution. Swedbank’s shadow rating for Wallenstam AB is BBB flat and BBB- on the bonds.
Wallenstam engaged DNV GL to provide an opinion regarding how well the bonds follow the green obligation framework. DNV GL has developed a framework for green bonds to assess Wallenstam’s bonds. The framework is based on the Green Bond Principles, a series of voluntary guidelines that seek to achieve transparency, openness and integrity in the market for green bonds. Based on the information that DNV GL has received from Wallenstam and the work that DNV GL has carried out, it is DNV GL’s opinion that Wallenstam’s Green Bonds meet the criteria set forth in the framework and may thus be considered “green”, as defined in the green framework and in line with the spirit of the principles for green bonds.
“We have chosen to issue bonds in order to have additional financial instruments to optimize our financing and capital structure. Bond proceeds will be used exclusively to refinance loans in our Svensk NaturEnergi subsidiary, which produces carbon-free energy,” says Hans Wallenstam, CEO at Wallenstam AB.
Wallenstam has been self-sufficient in carbon-free energy from its wind farms and hydro power stations since the very beginning of 2013.
Svensk NaturEnergi data:
- 64 wind turbines and 3 hydro power stations
- Total installed output of 139, 59 MW
- Svensk NaturEnergi’s book value for wind and hydro power is SEK 1.8 billion
- Approx 5 200 green electricity customers
- For further information about Svensk NaturEnergi, visit www.svensknaturenergi.se
Wallenstam AB (publ) is required to make this information public under the provisions of the Swedish Financial Markets Act and the Swedish Financial Instruments Trading Act. The information was made publicly available on 19 March 2015 at 08:00.