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1700157600000 | Press Release

EnBW successfully issues two green bonds

Total issue size €1.5 billion / Prefinancing of the large investment requirements for implementation of the energy transition
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Karlsruhe. EnBW Energie Baden-Württemberg AG, via its subsidiary EnBW International Finance B.V., today issued two corporate green bonds with a combined issue size of €1.5 billion.

The proceeds will be used exclusively to finance or refinance climate-friendly projects defined according to strict criteria in the Green Finance Framework. The projects include solar farms in Germany and France, onshore and offshore wind farms, fast-charging stations for electric vehicles and the expansion and upgrading of grid infrastructure.

CFO Thomas Kusterer: “Today’s green bond issues provide advance funding for investments in the coming 2024 financial year. We are proactively managing our financial resources in order to continue on our sustainable growth trajectory. In the years ahead, we will commit an average of €4.5 billion in gross investment per year on EnBW’s path to climate neutrality.”

As the largest energy company in Germany with an integrated portfolio, EnBW is driving forward all aspects of the energy transition. At the center of these efforts are the expansion of renewables in combination with the upgrading of electricity grids, furthering the development of electric mobility and establishing the future generation and supply infrastructure based on hydrogen and green gases.

EnBW’s clear-cut strategic focus is on the success of the energy transition and the transformation in transport. “Over 80 percent of our investments are channeled into implementing energy transition projects in Germany. This is an important contribution to Germany’s future as a business location,” said Kusterer.

Sustainability rating agency ISS-Corporate has confirmed that today’s EnBW green bonds comply with the Green Bond Principles and have good sustainability credentials. EnBW has also been reaffirmed as having good sustainability performance. The green bonds also are certified according to the high standards of the Climate Bonds Initiative (CBI). These feature detailed sector-specific criteria for qualification as green bonds.

Including today’s issue, EnBW has already issued green bonds for a total of €5 billion since 2018.

The issuance was supported by a banking syndicate consisting of HSBC, ING and UniCredit and additionally BBVA, DZ BANK, Helaba and Morgan Stanley. The issue date will be 23 November 2023. The bonds have coupons of 3.850% and 4.300% and maturities of 6.5 years and 10.5 years respectively.

Information on the bonds at a glance:

Issue size
€650 million
€850 million
Issue price
Securities identification numbers
ISIN: XS2722717472
ISIN: XS2722717555
Term to maturity
6.5 years
10.5 years
23 May 2030
23 May 2034
EnBW International Finance B.V.
EnBW Energie Baden-Württemberg AG
Guarantor rating
A- (stable) (S&P) / Baa1 (stable) (Moody’s)
Global Coordinators
HSBC, ING, UniCredit
Joint Bookrunners
BBVA, DZ BANK, Helaba, Morgan Stanley
Legal advice
White & Case LLP (EnBW)
Clifford Chance Deutschland LLP (for the banks)


Fax: Mobile: Phone:
Fax: Mobile: Phone:
Martina Evers
Group Spokesperson
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