AUDAX RENOVABLES: GREEN BOND ISSUANCES WORTH €700 MLN

Audax Renovables, a Spanish company whose business is divided between the marketing of electricity and gas and the generation of renewable 100% electricity, has launched two programs green bonds to obtain financing at competitive prices from the financial market. The aims of the operation are: to support the growth of the company both in the sector of energy production from renewable sources and in the marketing and sale of green energy and to finance possible new acquisitions at a national and international level.

Last July 3, Audax Renovables has issued bonds until 400 million euros on MARF, the Spanish Mercado Alternativo de Renta Fija. The program will allow the company to have the flexibility to make one or more issues, with any term and of any type, until the approved amount is reached.

For the first time, the Spanish company used a financial instrument such as L'Euro Commercial Paper Programme for a total of 300 million euros of value issued on the Dublin Stock Exchange. This is an international programme, open to professional investors in Europe - including large international funds - within a very competitive, broad market which will allow the Group to broaden its investor base internationally. An operation that places Audax Renovables as the first independent energy company to enter this market.

To carry out this operation, Audax availed itself of the support, as intermediaries, of Banco di Santader and Bred Banque Populaire.

By virtue of these two "green" bond issuance programs, Audax Renovables confirms its ability to be present in the different markets with the highest level of solvency and to be equipped to face future development and growth challenges. This happens both when it operates on national and international financial markets and when it deals with the generation and marketing of renewable energy.

Last June, Audax Renovables approved its regulatory framework of reference for the green financing with a view to bond issues. A framework which, according to the judgment of Vigeo Eiris - a European rating agency specializing in social and environmental issues - meets the criteria established by the International Capital Market Association (ICMA) and for which it has obtained the highest level of guarantee. For this reason, the bond program intended for MARF was the first to be considered "green", also taking into consideration the fact that all issues under this program meet the environmental, social and governance (ESG) requirements required by the various international investors.

In April this year, Audax Renovables saw the rating opinion confirmed in Investment Grade (BBB-), issued by the Spanish agency Axesor. An important result obtained despite the current situation, strongly influenced by the COVID-19 pandemic, and thanks to Contention Plan developed to mitigate the possible negative impact on the activities, to maintain the solid financial position of the company, both in terms of liquidity and credit profile.