Dear reader,
Since autumn 2018, we have financed renewable energy projects with green bonds for a total of €2 billion. The proceeds from the 2020 green subordinated bond issue were used entirely to refinance the acquisition of Valeco, the French wind power and solar company. We used most of the proceeds from the 2018 and 2019 bond issues in our offshore wind power business, for the Hohe See and Albatros wind farms. In addition, we invest in onshore wind, e-mobility and solar power projects.
Sustainable projects with sustainable finance
We invest the proceeds from our green bonds in expanding renewables. These include onshore wind power, offshore wind power and photovoltaics. We are also pressing ahead with the expansion of charging infrastructure for electric mobility.
Wind offshore
Wind onshore
Solar (PV)
Charging infrastructure
Acquisition of Valeco
Overview of green bonds fund allocation
Proceeds from the three green bonds were allocated to these projects.
Allocation report for the green senior bond issued in 2018 (XS1901055472) and the green subordinated bonds issued in 2019 (XS2035564975 & XS2035564629)
49% of the proceeds of the green senior bond issued in 2018 were used for new construction projects and 51% to refinance projects already in operation. For the green subordinated bonds issued in 2019, 87% were used for new construction projects and 13% to refinance projects already in operation.
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Project Category
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Project name
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
|
Installed capacity (MW)0Rounded figures
|
Generation capacity attributable to the bonds (MW)
|
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|---|---|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
2018 green senior bond
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
|
Generation capacity attributable to the bonds (MW)
2018 green senior bond
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2019 green subordinated bonds
2019 green subordinated bonds
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Project Category
Offshore wind locations in Germany
|
Project name
Hohe See0 Projects that have been under construction at the time of allocation
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
200.0
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
667.7
|
Installed capacity (MW)0Rounded figures
521.9
|
Generation capacity attributable to the bonds (MW)
60.42
|
2019 green subordinated bonds
200.8
|
|
Project name
Albatros0 Projects that have been under construction at the time of allocation
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Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
27.5
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
172.1
|
Installed capacity (MW)0Rounded figures
117.6
|
Generation capacity attributable to the bonds (MW)
8.1
|
2019 green subordinated bonds
50.7
|
|
|
Project Category
Total offshore
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
227.5
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
839.8
|
Installed capacity (MW)0Rounded figures
639.5
|
Generation capacity attributable to the bonds (MW)
68.2
|
2019 green subordinated bonds
251.5
|
|
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Project Category
Onshore wind locations in Germany
|
Project name
Fuerth
|
Installed capacity (MW)0Rounded figures
16.5
|
Generation capacity attributable to the bonds (MW)
15.0
| |||
|
Project name
Freckenfeld
|
Installed capacity (MW)0Rounded figures
19.8
|
Generation capacity attributable to the bonds (MW)
9.8
| ||||
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Project name
Langenburg
|
Installed capacity (MW)0Rounded figures
33.5
|
Generation capacity attributable to the bonds (MW)
28.9
|
2019 green subordinated bonds
4.5
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|||
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Project name
Winterbach
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Installed capacity (MW)0Rounded figures
9.9
|
Generation capacity attributable to the bonds (MW)
4.8
| ||||
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Project name
Aalen-Waldhausen
|
Installed capacity (MW)0Rounded figures
16.5
|
Generation capacity attributable to the bonds (MW)
8.3
| ||||
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Project name
Buchholz III
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Installed capacity (MW)0Rounded figures
13.2
|
Generation capacity attributable to the bonds (MW)
6.6
| ||||
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Project name
Fichtenau
|
Installed capacity (MW)0Rounded figures
9.9
|
Generation capacity attributable to the bonds (MW)
9.9
| ||||
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Project name
Dünsbach
|
Installed capacity (MW)0Rounded figures
9.9
|
Generation capacity attributable to the bonds (MW)
9.9
| ||||
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Project name
Bühlertann
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Installed capacity (MW)0Rounded figures
13.2
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Generation capacity attributable to the bonds (MW)
6.6
| ||||
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Project name
Dienstweiler
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Installed capacity (MW)0Rounded figures
4.8
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Generation capacity attributable to the bonds (MW)
2.4
| ||||
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Project name
Homburg
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Installed capacity (MW)0Rounded figures
9.6
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Generation capacity attributable to the bonds (MW)
9.6
| ||||
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Project name
Hasel
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Installed capacity (MW)0Rounded figures
9.9
|
2019 green subordinated bonds
4.9
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||||
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Project name
Brettenfeld
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Installed capacity (MW)0Rounded figures
6.6
|
2019 green subordinated bonds
3.2
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||||
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Project name
Burgholz
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Installed capacity (MW)0Rounded figures
9.9
|
2019 green subordinated bonds
5.0
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||||
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Project name
Rosenberg Süd
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Installed capacity (MW)0Rounded figures
6.6
|
2019 green subordinated bonds
3.2
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||||
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Project name
Nonnweiler
|
Installed capacity (MW)0Rounded figures
4.8
|
2019 green subordinated bonds
2.4
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||||
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Project name
Rot am See II
|
Installed capacity (MW)0Rounded figures
3.3
|
2019 green subordinated bonds
3.3
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||||
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Project name
Prötzel I0 Projects that have been under construction at the time of allocation
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Installed capacity (MW)0Rounded figures
9.0
|
2019 green subordinated bonds
9.0
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||||
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Project name
Rot am See I
|
Installed capacity (MW)0Rounded figures
9.9
|
2019 green subordinated bonds
9.7
|
||||
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Project name
Webenheim
|
Installed capacity (MW)0Rounded figures
6.2
|
2019 green subordinated bonds
3.1
|
||||
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Project name
Boxberg-Angeltürn
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Installed capacity (MW)0Rounded figures
12.0
|
Generation capacity attributable to the bonds (MW)
10.6
| ||||
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Project name
Boxberg-Bobstadt
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Installed capacity (MW)0Rounded figures
12.0
|
Generation capacity attributable to the bonds (MW)
10.6
| ||||
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Project name
Harthäuser Wald (Extension)
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Installed capacity (MW)0Rounded figures
12.0
|
Generation capacity attributable to the bonds (MW)
10.2
| ||||
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Project name
Königheim
|
Installed capacity (MW)0Rounded figures
6.0
|
Generation capacity attributable to the bonds (MW)
5.7
| ||||
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Project Category
Onshore wind locations in Sweden
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Project name
Röbergsfjället Vind
|
Installed capacity (MW)0Rounded figures
16.0
|
2019 green subordinated bonds
16.0
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Project name
Bliekevare Vind
|
Installed capacity (MW)0Rounded figures
32.0
|
2019 green subordinated bonds
32.0
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||||
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Project name
Säliträdberget Vind
|
Installed capacity (MW)0Rounded figures
16.0
|
2019 green subordinated bonds
16.0
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||||
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Project name
Hedbodberget Vind
|
Installed capacity (MW)0Rounded figures
10.0
|
2019 green subordinated bonds
10.0
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||||
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Project name
Granberg Vind
|
Installed capacity (MW)0Rounded figures
10.0
|
2019 green subordinated bonds
10.0
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||||
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Project name
Brahehus Vind
|
Installed capacity (MW)0Rounded figures
11.5
|
2019 green subordinated bonds
11.5
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Project name
Gnosjö Energie / Kulltorp
|
Installed capacity (MW)0Rounded figures
10.0
|
2019 green subordinated bonds
10.0
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Project Category
Total onshore
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
233.3
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
142.4
|
Installed capacity (MW)0Rounded figures
370.5
|
Generation capacity attributable to the bonds (MW)
143.9
|
2019 green subordinated bonds
153.8
|
|
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Project Category
Solar (PV) locations in Germany
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Project name
Braunsbach-Zottish.0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
0.8
|
Generation capacity attributable to the bonds (MW)
0.7
| |||
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Project name
Berghülen
|
Installed capacity (MW)0Rounded figures
2.7
|
Generation capacity attributable to the bonds (MW)
1.3
| ||||
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Project name
Eggesin
|
Installed capacity (MW)0Rounded figures
10.0
|
Generation capacity attributable to the bonds (MW)
10.0
| ||||
|
Project name
Tuningen
|
Installed capacity (MW)0Rounded figures
4.5
|
Generation capacity attributable to the bonds (MW)
4.3
| ||||
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Project name
Löffingen0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
2.7
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Generation capacity attributable to the bonds (MW)
2.7
| ||||
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Project name
Ingoldingen0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
4.4
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Generation capacity attributable to the bonds (MW)
2.4
| ||||
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Project name
Müssentin0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
9.3
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Generation capacity attributable to the bonds (MW)
9.3
| ||||
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Project name
Torgau0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
4.9
|
Generation capacity attributable to the bonds (MW)
4.9
| ||||
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Project name
Riedlingen-Zwiefaltendorf
|
Installed capacity (MW)0Rounded figures
5.2
|
Generation capacity attributable to the bonds (MW)
2.2
| ||||
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Project name
Inzigkofen 0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
7.5
|
2019 green subordinated bonds
6.7
|
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|
Project name
Leibertingen 20 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
5.0
|
2019 green subordinated bonds
4.4
|
||||
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Project name
Birkenfeld0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
5.8
|
2019 green subordinated bonds
5.8
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||||
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Project name
Lindendorf0 Projects that have been under construction at the time of allocation
|
Installed capacity (MW)0Rounded figures
6.9
|
2019 green subordinated bonds
6.9
|
||||
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Project Category
Total solar (PV)
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
27.6
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
14.3
|
Installed capacity (MW)0Rounded figures
69.4
|
Generation capacity attributable to the bonds (MW)
37.8
|
2019 green subordinated bonds
23.7
|
|
|
Project Category
Expansion of fast charging infrastructure
|
Project name
123 charging points at 89 locations on the German autobahn network
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
8.1
| ||||
|
Project Category
Total
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
496.4
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
996.5
|
Generation capacity attributable to the bonds (MW)
250.0
|
2019 green subordinated bonds
429.1
|
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As of 31 December 2020
Allocation report for the green subordinated bond issued in 2020 (XS2196328608)
Proceeds of this bond have been used to refinance the acquisition of Groupe Valeco in 2019. Groupe Valeco is a French project developer that builds and operates wind and PV projects
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Project Category
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Project name
|
Capital expenditure attributable to the bond (€m, per category)0Rounded figures
|
Installed capacity (MW)0Rounded figures
|
Generation capacity attributable to the bonds (MW)0Rounded figures
|
|---|---|---|---|---|
|
Project Category
Onshore wind locations in France
|
Project name
Refinancing of the acquisition of Groupe Valeco in 2019 |
Capital expenditure attributable to the bond (€m, per category)0Rounded figures
494.8 |
Installed capacity (MW)0Rounded figures
363.8
|
Generation capacity attributable to the bonds (MW)0Rounded figures
188.8
|
|
Project Category
Solar (PV) locations in France
|
Installed capacity (MW)0Rounded figures
65.3
|
Generation capacity attributable to the bonds (MW)0Rounded figures
45.1
|
As of 31 December 2020
Impact Report
The impact report shows avoided emissions from our projects or the number of charges at our e-mobility charging points.
Impact Report for the green senior bond issued in 2018 (XS1901055472), the green subordinated bonds issued in 2019 (XS2035564975 & XS2035564629) and 2020 (XS2196328608)
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Project category
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
|
Generation capacity attributable to the bonds (MW)0Rounded figures
|
Generated electricity attributable to the bonds (MWh) in 2020
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
|
Emissions avoided attributable to the bonds (tCO₂eq)
|
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
2018 green senior bond
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
|
2020 green subordinated bond
2020 green subordinated bond
|
Generation capacity attributable to the bonds (MW)0Rounded figures
2018 green senior bond
|
2019 green subordinated bonds
2019 green subordinated bonds
|
2020 green subordinated bond
2020 green subordinated bond
|
Emissions avoided attributable to the bonds (tCO₂eq)
2018 green senior bond
|
2019 green subordinated bonds
2019 green subordinated bonds
|
2020 green subordinated bond
2020 green subordinated bond
|
|||
|
Project category
Offshore wind locations in Germany
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
227.5
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
839.8
|
Generation capacity attributable to the bonds (MW)0Rounded figures
68.2
|
2019 green subordinated bonds
251.5
|
Generated electricity attributable to the bonds (MWh) in 2020
1.240,571
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
701
|
Emissions avoided attributable to the bonds (tCO₂eq)
174,381
|
2019 green subordinated bonds
695,260
| |||
|
Project category
Onshore wind locations in Germany
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
233.3 |
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
142.4 |
Generation capacity attributable to the bonds (MW)0Rounded figures
143.9
|
2019 green subordinated bonds
48.3
|
Generated electricity attributable to the bonds (MWh) in 2020
709,579
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
693
|
Emissions avoided attributable to the bonds (tCO₂eq)
225,024
|
2019 green subordinated bonds
59,732
| |||
|
Project category
Onshore wind locations in Sweden
|
Generation capacity attributable to the bonds (MW)0Rounded figures
-
|
2019 green subordinated bonds
105.5
|
Generated electricity attributable to the bonds (MWh) in 2020
298,675
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
-0No calculation of avoided emissions. In Sweden, the energy generated from renewables and low-CO₂ generation (nuclear energy) is at over 90%. It is assumed that additional renewables do not contribute to additional CO₂ avoidance.; Source: International Energy Agency - Energy Policies of IEA countries - Sweden 2019 Review
|
Emissions avoided attributable to the bonds (tCO₂eq)
-
|
2019 green subordinated bonds
-
| |||||
|
Project category
Solar (PV) locations in Germany
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
27.6
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
14.3
|
Generation capacity attributable to the bonds (MW)0Rounded figures
37.8
|
2019 green subordinated bonds
23.7
|
Generated electricity attributable to the bonds (MWh) in 2020
66,341
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
627
|
Emissions avoided attributable to the bonds (tCO₂eq)
25,238
|
2019 green subordinated bonds
16,357
| |||
|
Project category
Onshore wind locations in France
|
2020 green subordinated bond
494,8 |
2020 green subordinated bond
188.8
|
Generated electricity attributable to the bonds (MWh) in 2020
425,614
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
56
|
2020 green subordinated bond
23,834
|
||||||
|
Project category
Solar (PV) locations in France
|
2020 green subordinated bond
45.1
|
Generated electricity attributable to the bonds (MWh) in 2020
61,199
|
CO₂ avoidance factor (gCO₂eq/kWh)0Source: Germany: Federal Environmental Agency publication “Climate Change 37/2019 - Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018”, as of November 2019; France: Own calculation
19
|
2020 green subordinated bond
1,163
|
|||||||
|
Project category
Total
|
Capital expenditure attributable to the bonds (€m, per category)0Rounded figures
488.4
|
2019 green subordinated bonds0Allocation of funds differs from prior-year figure due to the final allocation of unallocated proceeds
996.5
|
2020 green subordinated bond
494,8
|
Generation capacity attributable to the bonds (MW)0Rounded figures
250.0
|
2019 green subordinated bonds
429.1
|
2020 green subordinated bond
233.9
|
Generated electricity attributable to the bonds (MWh) in 2020
2.503,303
|
Emissions avoided attributable to the bonds (tCO₂eq)
424,642
|
2019 green subordinated bonds
771,350
|
2020 green subordinated bond
24,997
|
|
As of 31 December 2020
|
Project category
|
Capital expenditure attributable to the bonds (€m)0Rounded figures
|
Locations
|
Number of charges in 2019
|
|
|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m)0Rounded figures
2018 green senior bond
|
2019 green subordinated bonds
2019 green subordinated bonds
| |||
|
Project category
Expansion of fast charging infrastructure in Germany
|
Capital expenditure attributable to the bonds (€m)0Rounded figures
8.1
|
2019 green subordinated bonds
-
|
Locations
123 charging points at 89 locations on the German autobahn network
|
Number of charges in 2019
66,798
|
As of 31 December 2020
Further information available for download
Further publications are available in our downloadcenter.
Green Financing Framework
We published our EnBW Green Financing Framework in October 2018 and update it on a regular basis. This is the basis on which all of our green financing instruments, such as green bonds, are issued on the capital market. Further information on the Framework is available here.
Sustainable Development Goals (SDGs)
We support the United Nations Sustainable Development Goals, which were adopted by the international community in September 2015 together with the Agenda 2030 for Sustainable Development. Information on our contribution to the SDGs is available here.