EnBW successfully issues green hybrid bond

Karlsruhe. EnBW today successfully launched a green hybrid bond issue with a total issue size of €500 million on the capital market. A peak order book of over €5 billion demonstrated the high level of investor demand.

In accordance with the criteria of the Green Financing Framework – the basis for all green financings at EnBW – the proceeds from the new bond issue will be invested exclusively in climate-friendly projects. These include solar farms, onshore and offshore wind farms, fast-charging stations for electric vehicles and the expansion and upgrading of grid infrastructure.

Marcel Münch, Senior Vice President Finance, M&A and Investor Relations: “Following the successful completion of our capital increase last week, which generated proceeds of €3.1 billion, I am delighted with the successful issuance of our green hybrid bond. Last week, we also secured €500 million in bank financing on favourable terms, with backing from the Italian export credit agency SACE. These three transactions within a few days clearly demonstrate the support of our shareholders, as well as the confidence placed in us by our bond investors and banks.”

Rating agencies Moody’s and Standard & Poor’s classify 50 percent of the hybrid bond issue as equity. This has a positive impact on EnBW’s rating-related financial performance indicators. With a view to our goal of maintaining solid investment-grade ratings, hybrid financing instruments are a key element of our capital structure,” Marcel Münch said. “Our target hybrid volume remains unchanged at €2.5 billion.”

The green hybrid bond has a term of 30 years. EnBW has the right to redeem the bond, which has an initial coupon of 4.5%, for the first time on 28 April 2034. The issue date is 28 July 2025.