Audax approves Green Bond Issuance Programmes

AUDAX RENOVABLES APPROVES TWO GREEN BOND ISSUANCE PROGRAMMES WORTH €700 MILLION

The company has registered a programme of bond issuance in the MARF worth €400 million as well as its first international promissory note programme in Ireland worth €300 million.

Audax Renovables (ADX.MC), the energy group whose activities involve retail and production of 100% renewable electricity, has launched two green bond programmes in order to obtain financing at competitive prices in the Spanish and international capital markets. The goal is to support the company’s growth in the areas of renewable energy generation and green energy supply, as well as to finance possible new acquisitions at national and international level.

On 3 July Audax Renovables registered in the MARF a programme of bond issuance for the amount of up to €400 million. The programme provides the company with necessary flexibility enabling it to carry out one or more issues, of any term and any type of structure, until achieving the approved amount.

Moreover, the company has also registered its first international ECP (Euro Commercial Paper Programme) on the Irish Stock Exchange in Dublin for the amount of €300 million. In order to carry out this operation, the company has cooperated with Banco Santander and Bred Banque Populaire as underwriters.

This international programme is open to any and all professional investors in Europe, including large international funds, in a very competitive market of considerable depth, and will enable Audax Renovables to broaden its investor base in the international markets. In this manner Audax Renovables becomes the first independent energy company coming into that market.

With these two green bond programmes Audax Renovables confirms its ability to be present in the national and international capital markets and will be ready to face its growth challenges both in the generation and retail activities with the highest level of assurance of solvency.

Last June Audax Renovables approved its Reference Regulatory Framework for Green Financing to its future bond issues which, according to the opinion of the expert Vigeo Eiris, meets the requirements established by the International Capital Market Association (ICMA) and therefore has obtained the highest level of assurance. For this reason, the new programme worth €400 million registered in the MARF is the first to be considered “green”, as all the issues carried out under this programme meet the requirement of many international investors who apply environmental, social and governance (ESG) criteria to their investment decisions.

Furthermore, in April the company achieved a confirmation of its Investment Grade rating (BBB-) by Axesor. Despite the current situation of health alert due to COVID-19, Audax managed to achieve the rating confirmation thanks to the Contingency Plan drawn up in order to mitigate the possible impact on the business and to maintain the company’s robust financial position, its liquidity and its credit profile.

About Audax Renovables

Audax Renovables is the result of a merger between Audax Renovables itself and its parent company, Audax Energía, which gave rise to an energy group whose business is centred on supplying electricity (100 % renewable) and gas as well as on the production of 100% renewable energy.

Currently, it is listed on the Spanish Continuous Market under the ticker ADX.MC, and has been incorporated to the IBEX SMALL CAP® index since 23 March 2020.

As an energy Group with leading position in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the renewable energy production branch, with a robust financial position and ready to lead the energy transition on the European market.

The Group operates through two different business activities: retail and production. Its division of electricity and gas retail is present in Spain, Portugal, Italy, Germany, Poland and the Netherlands, with over 365 thousand clients.

On the other hand, the generation division manages a total portfolio of operating wind farms of 91 MW in Spain, France and Poland. Additionally, it has a portfolio of photovoltaic projects under development of 320 MW in Spain, as well as a wind project under construction of 66 MW in Panama.

More information about Audax Renovables is available here: www.audaxrenovables.com

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