Funds to be allocated to wind, solar, storage projects (Il Sole 24 Ore Radiocor) - Milan, 27 Jun - The Italian renewable energy developer and operator Erg said it has completed the placement of a six-year fixed-rate bond for 500 million euros, with proceeds from the issue to be allocated to wind, solar and battery storage projects located in Europe, the UK and the US.

The bond is Erg's fourth green bond and has been issued as part of its 3 billion euro program of medium-long term, nonconvertible and unsubordinated notes.

Erg said that request for the bond at peak was more than five times the amount of notes offered, with a "significant participation" of green and sustainable investors.

Fitch Ratings is expected to assign a BBB- rating to the bond, Erg said.

The bonds, which have a minimum denomination of 100,000 euros, pay a gross annual coupon at a fixed rate of 4.125% and were placed at an issue price corresponding to 99.521% of nominal value.

The settlement date has been set for July 3, 2024. As of that date, the bonds will be listed on the regulated market of the Luxembourg Stock Exchange.

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(RADIOCOR) 27-06-24 12:14:26 (0319) 5 NNNN