In order to assist the development and delivery of a 35GW pipeline of wind, solar, storage, and green hydrogen projects, ABO Wind has placed a promissory note loan with a volume of €70 million.
The pipeline of the developer includes 20GW of wind, solar, and battery projects spread across 16 nations.
It has also developed a pipeline of another 15 GW of renewable energy projects that are connected to a planned hydrogen generation.
Alexander Reinicke, Managing Director, said”We would like to implement as many of the projects as possible on a turnkey basis.”
“The issue provides us with additional opportunities to do so.”
ABO Wind said that capital enhancements and a subordinated bond had helped to strengthen its financial foundation in prior years.
Due to the tremendous demand and the numerous business opportunities, the volume of promissory notes issued from the initial €50 million plan was expanded by €20 million.
The €70m is oversubscribed. A total of 17 banks, mostly foreign and savings banks, participated in the promissory notes.
The promissory note loan tranches have maturities of three, five, and seven years and both fixed and variable interest rates.
The entire volume was allotted at the lower end of the appropriate marketing range, and the payment was made on September 7, 2022, with a value date.
The deal was organised by Landesbank Hessen-Thüringen (Helaba) and IKB Deutsche Industriebank AG.
Charline Schütz, IKB Syndicate Vice-President, said “Despite the current challenging market environment, ABO Wind has convinced the banks as a debut issuer with a proven stable and profitable business model.”