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TagEnergy closes €570 million green bond for renewables and storage pipeline

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Renewable energy developer TagEnergy has closed a €570 million (US$622 million) green bond for its solar, wind and energy storage pipeline in the UK, Europe and Australia.

The investor announced the close of the dual currency (AU$ and €) green bond totalling up to €570 million with Copenhagen Infrastructure Partners (CIP) and Singaporean sovereign wealth fund GIC as investors.

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The bond will support TagEnergy’s renewable energy portfolio of wind, battery energy storage systems (BESS) and solar PV assets across the UK, Europe and Australia, it said.

€270 million will go towards the 1.3GW Golden Plains Wind Farm onshore wind project in Victoria, Australia, while the remaining €300 million will go across the wider portfolio. The company recently achieved financial close on a portion of Golden Plains as well as 169MW of BESS projects in the UK.

The latter includes two 49MW/98MWh units in Scotland announced in January with financing from Santander, covered by sister site Solar Power Portal here and here. The company then brought online a similarly sized system near Luton in May, also with some financing from Santander.

For the green bond issuance, Akereos Capital was bookrunner, structurer and exclusive debt advisor to TagEnergy which was also advised by White & Case and Garrigues, while CIP and GIC were advised by Linklaters and Allens.

“This green bond again demonstrates TagEnergy’s innovative investment approach in a rapidly growing renewable energy industry. It comes on the back of TagEnergy achieving financial close on a range of projects including Australia’s Golden Plains Wind Farm East without the need for Power Purchase Agreements (PPAs),” TagEnergy CEO Franck Woitiez said.

CIP is also set to invest in the development of one of the largest BESS projects in Europe, a 500MW/1,000MWh project in Scotland which was granted planning permission this week.

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