Clifford Chance and PLMJ advise REN on its debut EUR 300 million issuance of Green Bonds


PLMJ and Clifford Chance advised REN - Redes Energéticas Nacionais on its first issuance of green bonds, which had a value of €300 million. REN is the concession holder for electricity transmission and transport of natural gas in Portugal, and it is responsible for technical management of the national electricity and gas grids.
The debt issued has a maturity of eight years and the transaction is part of REN's long-term financing strategy based on the pillar of sustainability. The proceeds of the issuance will be applied by REN to investments in certain eligible green assets and investments in accordance with REN’s Green Finance Framework, disclosed by the company earlier this year.
On Clifford Chance’s side, the operation was led from Madrid by English law partner and specialist in Capital Markets, Antonio Henriquez, who worked closely with partner, Jurgen van der Meer, from the Amsterdam office. They were supported by Stacey Zverev, senior associate from Capital Markets, from the Madrid office,Tom Smeele, associate, Nolan Groenland, associate, and Onur Danismant, trainee, from the Amsterdam office.
Antonio Henriquez: "This transaction represents another milestone in the evolution toward a more sustainable model for corporate finance. We are delighted to have advised REN on this fantastic initiative and trust that the success of this transaction will be a catalyst for others to follow REN’s example."
On PLMJ's side, the transaction was led by André Figueiredo, head of the Capital Markets practice, and the team included Raquel Azevedo (partner), Alexandre Norinho de Oliveira, Sara Asseiceiro and Pedro Roque Coelho.
André Figueiredo: “A focus on sustainability is now indispensable in capital markets, and PLMJ has been a pioneer in addressing this issue. It was therefore an enormous pleasure to assist REN along the path – which, in fact, it has been following for some time – that has allowed it to achieve this extraordinary result in its first issuance of green bonds. In issuing these bonds, it has diversified its investor base and given a clear sign of commitment to environmental sustainability.”

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