Aydem Renewables completed its green bond issuance with demand reaching 1 billion dollars.
Aydem Renewable Energy, Türkiye's largest company generating energy from 100% renewable sources, successfully issued Eurobonds for the remaining $550 million of the $750 million bond it issued in 2021. The green bond issue, which attracted significant interest from international investors, reached $1 million with double the demand.
Aydem Renewables, the subsidiary of Aydem Energy operating in the field of renewable energy production, has successfully completed the book-building process for its Eurobond issue worth of $550 million, representing the remaining amount from the $750 million bond it had issued in 2021. The transaction, mandated by Goldman Sachs International, Citigroup Global Markets Limited and Morgan Stanley & Co. International plc, has attracted strong investor interest. Approximately 1 billion dollars in demand has been collected from around 100 international investors, with long-term investors accounting for approximately 75 per cent. The transaction thus resulted in a strong and high-quality demand base, reaching approximately twice the size of the issue.
Aydem Renewables successfully completed the issuance of green bonds with a nominal value of $550 million, a 5-year maturity, a 2.5-year principal grace period, and a coupon rate of 9.875%. The funds raised will be used to refinance existing bonds and create a strong financial foundation for the company's planned investments in the coming period.
“We are converting investor confidence into sustainable investments.”
"In 2021, we had signed the highest-value bond issue ever conducted in Turkey. Today, we are delighted to have successfully completed our new Eurobond issue with strong investor interest from international markets. The demand of approximately $1 billion for our Eurobond issue clearly demonstrates the confidence in our company's strong financial structure, sustainable growth strategy, and the solid foundations of the renewable energy sector. With the proceeds from this issue with a 5-year of maturity, which has a 2.5-year grace period for principal repayment, we are refinancing our entire existing Eurobond balance, further strengthening our balance sheet and allocating resources for investments we will make in the coming years. The interest shown by international investors is also highly valuable in demonstrating that our company is a strong player on an international scale, in addition to its leadership in Türkiye. With our renewable energy investments, we are both sustaining our company's growth and contributing to the development of the energy ecosystem of Türkiye. We will continue to work with all our might to expand our renewable energy investments, achieve our net-zero targets, and leave a more sustainable world for future generations."
