Germany-based solar project developer Hep global GmbH said in a bourse filing on Tuesday that it plans to finance its growth by purchasing after it raised EUR 25 million from a green bond sale.
German company plans to use around 75% of the secured amount to purchase solar photovoltaic (PV) projects in the early and active stages of development, while the remaining 25% will be used to support its working capital requirements.
Hep global has developed 800 MWp of PV projects and has an additional 5,300 MWp in the pipeline, it is said on its website.
The unsubordinated, unsecured bonds, bearing an annual coupon of 6.5%, have a term of five years and mature on May 18, 2026. Quirin Privatbank AG acted as bookrunning agent of the transaction.
The total placed amount was fully subscribed by institutional and private investors.
We regard the successful full placement as a strong vote of confidence in our business model and our growth strategy,” commented Hep global’s CEO and founder Christian Hamann.
Source Renewables Now