Global clean energy enterprise TagEnergy, S.A. (TagEnergy) has announced the closing of a dual currency (AU$ and €) green bond totalling a maximum of €570,000,000 (equivalent) with Copenhagen Infrastructure Partners (CIP) and GIC as investors.
CIP is a global leader within greenfield renewable energy investments and is investing through its Green Credit Fund I. GIC is a global institutional investor, headquartered in Singapore.
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 UK, Europe and Australia.
TagEnergy was founded in 2019 by management and the Impala SAS , and now counts Mirova and Omnes as additional shareholders. TagEnergy has successfully 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 UK totalling 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.
“This green bond again demonstrates TagEnergy’s innovative investment approach in a rapidly growing renewable energy industry. It comes on the back of TagEnergy achieving financial close on a range of projects including Australia’s Golden Plains Wind Farm East without the need for Power Purchase Agreements (PPAs),” Mr Woitiez said.
“The broad acceptance of our unusual and more commercial investment model by major participants and financiers reflects a fast-maturing industry embracing inventive approaches helping speed both project timelines and the transition to clean energy,” he said.
Jakob Groot, Partner at CIP said: “We are proud to partner up with the strong management team of TagEnergy and GIC to support the development of the Golden Plains Wind Farm in Australia and TagEnergy’s prominent pipeline of renewable energy projects. Our Green Credit Fund I provides an important and necessary funding component of the global energy transition and this investment represents an attractive opportunity for us to make a meaningful contribution to the green transition.”
Ang Eng Seng, CIO of Infrastructure at GIC, said “Australia has a well-developed power market characterised by growing renewable penetration, with attractive market fundamentals and a national renewable energy target. TagEnergy is backed by three institutions with a clear focus on sustainability and energy transition investments. GIC is therefore pleased to support TagEnergy in the development of the Golden Plains Wind Farm, which is already under construction, and other renewable energy projects, alongside CIP.”