EDF to double renewables capacity with new €2.4 billion green bond


French multinational utility EDF has issued a €2.4 billion ($2.8 billion) green bond.

The green bond marks a key milestone in EDF’s Cap 2030 strategy in which the utility has set a goal of doubling its net installed renewables capacity to more than 50GW in 2030, compared to 2015 levels.

The inaugural jumbo Offering, the first of its kind, demonstrates EDF’s commitment “to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development.” 

The transaction confirms EDF’s position at the forefront of Green Bond innovation.

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This issuance is the largest non-mandatory convertible bond issued in Europe since 2003, the largest green convertible bond ever issued and the largest green bond issued by a European corporate, according to EDF.

The utility has issued five green bonds for a total amount of €4.5 billion ($5.2 billion) since 2013.

EDF has also invested €2.5 billion ($2.9 billion) per year of gross operational investments in renewables since 2013.

Jean-Bernard Levy, CEO of EDF, said: “With this transaction, we demonstrate our commitment to the full decarbonisation of our energy generation and position ourselves at the forefront of the energy transition. The success of this placement demonstrates the support of investors to our Cap 2030 strategy.”