Lisbon-based TagEnergy, a clean energy company, announced on Monday that it has closed a dual currency (AU$ and €) green bond totalling a maximum of €570M (equivalent) with Copenhagen Infrastructure Partners (through its Green Credit Fund I) and GIC as investors.
The company says the bond issuance will support it in expanding its renewable energy portfolio across the United Kingdom, Europe, and Australia.
TagEnergy CEO, Franck Woitiez, says, “This green bond again demonstrates TagEnergy’s innovative investment approach in a rapidly growing renewable energy industry. It comes on the back of TagEnergy achieving financial close on a range of projects including Australia’s Golden Plains Wind Farm East without the need for Power Purchase Agreements (PPAs).”
“The broad acceptance of our unusual and more commercial investment model by major participants and financiers reflects a fast-maturing industry embracing inventive approaches helping speed both project timelines and the transition to clean energy,” he adds.
TagEnergy says the first €270M (equivalent) tranche adds to the existing funding sources for the construction of the first stage of the Golden Plains Wind Farm.
The remaining tranche, valued at up to €300M (equivalent), will support TagEnergy’s other global renewable assets.
These funds will be vital in advancing the company’s strategy to operationalise more than 4GW of onshore wind and other renewable energy projects into commercial operation. This is across several OECD jurisdictions.
TagEnergy: Generates and sells competitive clean power
Founded in 2019 by the management and the Impala SAS Group, TagEnergy generates and trades competitive, clean power to accelerate the energy transition.
The company’s ambition is to create value by combining large-scale renewable assets with an energy management platform, dispatchable technology, and innovative financial instruments.
This model enables TagEnergy to deliver clean, competitively-priced, reliable energy to end users.
To date, the Portuguese company has successfully achieved financial close on several renewable energy projects within its portfolio recently. These include the 756MW first stage of the 1.3GW Golden Plains Wind Farm onshore wind mega-project in Victoria, Australia, as well as four BESS facilities across the UK totalling 169MW.
The investors
Copenhagen Infrastructure Partners P/S is the world’s largest dedicated fund manager for greenfield renewable energy investments and a global leader in offshore wind.
CIP funds focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
Jakob Groot, Partner at CIP, says, “We are proud to partner up with the strong management team of TagEnergy and GIC to support the development of the Golden Plains Wind Farm in Australia and TagEnergy’s prominent pipeline of renewable energy projects. Our Green Credit Fund I provides an important and necessary funding component of the global energy transition and this investment represents an attractive opportunity for us to make a meaningful contribution to the green transition.”
Ang Eng Seng, CIO of Infrastructure at GIC, said “Australia has a well-developed power market characterised by growing renewable penetration, with attractive market fundamentals and a national renewable energy target. TagEnergy is backed by three institutions with a clear focus on sustainability and energy transition investments. GIC is therefore pleased to support TagEnergy in the development of the Golden Plains Wind Farm, which is already under construction, and other renewable energy projects, alongside CIP.”
Read the orginal article: https://siliconcanals.com/news/startups/portugals-tagenergy-closes-570m/
