Neoen in €300 Million Green Convertible Bond Offering

September 14, 2022

Cleary Gottlieb represented Neoen in its €300 million offering of green bonds convertible into new shares and/or exchangeable for existing shares of the issuer (OCEANE).

Neoen will use the net proceeds of the offering to finance or refinance renewable energy production and storage projects in accordance with the Neoen green bond framework.

The bonds will bear interest at 2.875% per annum and mature on September 14, 2027. The underlying shares and the bonds are respectively listed on the regulated market of Euronext Paris and on Euronext AccessTM of Euronext Paris.

The transaction consisted of an offering to qualified investors only, in France and outside of France (excluding in particular the United States, Canada, Australia, and Japan).

The offering launched and priced on September 7, 2022, and closed on September 14, 2022.

This offering was led by Barclays, BNP Paribas, and HSBC as joint global coordinators and Jefferies, Natixis, and Société Générale as joint bookrunners.

Neoen is one of the world’s leading independent producers of exclusively renewable energy. Neoen has close to 5.6 GW of solar, wind, and storage capacity in operation or under construction in Australia, France, Finland, Mexico, El Salvador, Argentina, Ireland, Sweden, Portugal, Jamaica, Mozambique, and Zambia. The company is also active in Croatia, Canada, Ecuador, and Italy. Neoen’s flagship assets include France’s most powerful solar farm in Cestas (300 MWp) and two of the world’s largest lithium-ion batteries: Hornsdale Power Reserve (150 MW/193.5 MWh) and the Victorian Big Battery (300 MW / 450 MWh) in Australia. Neoen is targeting more than 10 GW capacity in operation or under construction by the end of 2025.