ABO Wind pockets EUR 70m to back 35-GW renewable pipeline

ABO Wind has placed a promissory note loan with a volume of €70m to support its development and delivery of a 35GW pipeline of wind, solar, storage and green hydrogen projects.

The developer’s pipeline comprises 20GW of wind, solar and battery projects across 16 countries.

In addition, it has built up a pipeline of another 15GW of renewable energy projects linked to a planned hydrogen production.

"We would like to implement as many of the projects as possible on a turnkey basis," said Managing Director Alexander Reinicke.

“The issue provides us with additional opportunities to do so.”

ABO Wind said it had strengthened its financial basis in previous years with capital increases and a subordinated bond.

The original plan was to issue promissory notes with a volume of €50m but increased this by €20m due to the high demand and the numerous business opportunities.

The €70m is oversubscribed.

A total of 17 banks participated in the promissory notes, mainly savings banks and foreign banks.

The tranches of the promissory note loan have both fixed and variable interest rates and maturities of three, five and seven years.

Allotment was made over the entire volume at the lower end of the respective marketing range and the disbursement was made with value date on 7 September 2022.

IKB Deutsche Industriebank AG and Landesbank Hessen-Thüringen (Helaba) arranged the transaction.

"Despite the current challenging market environment, ABO Wind has convinced the banks as a debut issuer with a proven stable and profitable business model,” said IKB Syndicate Vice-President Charline Schütz.