TagEnergy, a renewable energy company, has successfully closed a dual-currency green bond worth €570 million (equivalent to AU$) with investments from Copenhagen Infrastructure Partners (CIP) and GIC. The proceeds from the bond issuance will play a crucial role in advancing TagEnergy's renewable energy portfolio, which includes onshore wind, battery energy storage systems (BESS), and solar PV assets across the United Kingdom, Europe, and Australia.
Established in 2019 by management and the Impala SAS Group, TagEnergy now boasts Mirova and Omnes as additional shareholders. The company has recently achieved financial close on several notable renewable energy projects, such as the initial phase of the Golden Plains Wind Farm in Victoria, Australia, which has a total capacity of 1.3 gigawatts (GW), with the first stage delivering 756 megawatts (MW). Additionally, TagEnergy has successfully closed deals on four BESS facilities across the United Kingdom, totaling 169 MW.
The first tranche of the bond, amounting to €270 million (equivalent), will contribute to the funding of the construction for the first stage of the Golden Plains Wind Farm. The remaining tranche, up to €300 million (equivalent), will be dedicated to financing TagEnergy's other global renewable assets.
According to TagEnergy, the issuance of the green bond is a key component of their strategy to bring more than 4 GW of onshore wind and other renewable energy projects to commercial operation across multiple OECD jurisdictions. The company believes that these notes will help expedite project timelines and facilitate the transition to clean energy.
The green bond, registered at Interbolsa, represents a significant offering in the Portuguese bond market. G-Advisory has independently certified that the bond aligns with the ICMA Green Bond Principles 2021, further solidifying its green credentials.
Akereos Capital served as the sole bookrunner, structurer, and exclusive debt advisor to TagEnergy, with legal advice provided by White & Case and Garrigues. CIP and GIC received legal counsel from Linklaters and Allens, respectively.
Franck Woitiez, CEO of TagEnergy, expressed the company's commitment to innovative investments in the rapidly expanding renewable energy industry. He emphasized the achievement of financial close on various projects, including the Golden Plains Wind Farm East in Australia, without the need for Power Purchase Agreements (PPAs). Woitiez believes that the acceptance of TagEnergy's unconventional investment model by major participants and financiers reflects the maturation of the industry and the adoption of inventive approaches, which contribute to faster project implementation and the transition to clean energy.
Jakob Groot, Partner at CIP, expressed pride in partnering with TagEnergy's strong management team and GIC to support the development of the Golden Plains Wind Farm and the company's significant pipeline of renewable energy projects. Groot highlighted that their Green Credit Fund I plays a vital role in funding the global energy transition, and this investment offers an attractive opportunity to contribute meaningfully to the green movement.
Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, emphasized Australia's well-developed power market with a growing renewable energy penetration and attractive market fundamentals. He expressed GIC's support for TagEnergy, noting that the company is backed by three institutions with a clear focus on sustainability and energy transition investments. GIC is pleased to contribute to the development of the Golden Plains Wind Farm, which is already under construction, as well as other renewable energy projects alongside CIP.
