TagEnergy closes €570m green bond with CIP

July 5, 2023

TagEnergy has announced the closing of a dual currency (Australian dollars and Euros) green bond totalling a maximum of €570 million with Copenhagen Infrastructure Partners (CIP) and GIC as investors.

CIP is investing through its Green Credit Fund I, while GIC is a global institutional investor, headquartered in Singapore.

The transaction will support the growth of TagEnergy’s renewable energy portfolio of onshore wind, battery energy storage systems (BESS) and solar PV assets across the UK, Europe and Australia.

The first €270 million tranche adds to existing funding sources for the construction of the first stage of Golden Plains Wind Farm with the remaining up to €300 million follow on tranche dedicated to TagEnergy’s other global renewable assets. 

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 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).” 

Jakob Groot, partner at CIP said: “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.”