TagEnergy, a prominent global clean energy enterprise, has successfully closed a dual currency (AU$ and €) green bond, amounting to a maximum of €570,000,000. The investment comes from Copenhagen Infrastructure Partners (CIP) and GIC, two esteemed investors in the renewable energy sector.
CIP, known for its expertise in greenfield renewable energy investments, is participating through its Green Credit Fund I. GIC, a leading global institutional investor headquartered in Singapore, is also a key investor in this significant transaction.
This milestone marks a significant achievement for TagEnergy, as the proceeds from the bond issuance will play a pivotal role in fueling the expansion of its renewable energy portfolio. The company aims to develop onshore wind projects, battery energy storage systems (BESS), and solar PV assets across the United Kingdom, Europe, and Australia. The investment will support TagEnergy’s growth strategy in these regions, further solidifying its position as a key player in the global renewable energy market.
Founded in 2019 by management and the Impala SAS Group, TagEnergy has expanded its shareholder base to include Mirova and Omnes. The company has recently achieved financial close on multiple renewable energy projects within its portfolio, including the first stage of the 1.3GW Golden Plains Wind Farm in Victoria, Australia, with a capacity of 756MW. Additionally, TagEnergy has successfully completed four battery energy storage system (BESS) facilities totaling 169MW across the United Kingdom.
The initial tranche of €270,000,000 (equivalent) will be utilized to fund the construction of the first stage of the Golden Plains Wind Farm, while the remaining up to €300,000,000 (equivalent) will be dedicated to financing TagEnergy’s other global renewable assets. These funds will play a crucial role in executing TagEnergy’s strategy to bring over 4GW of onshore wind and other renewable energy projects to commercial operation across multiple OECD jurisdictions. The issuance of these notes represents an important step in advancing TagEnergy’s vision for sustainable and clean energy solutions.
TagEnergy has registered the notes at Interbolsa, marking a notable issuance in the Portuguese bond market. The green bond has been independently certified by G-Advisory, confirming its alignment with the ICMA Green Bond Principles 2021.
Akereos Capital played a crucial role as the sole bookrunner, structurer, and exclusive debt advisor to TagEnergy, while the company received legal advice from White & Case and Garrigues. CIP and GIC, the investors, were advised by Linklaters and Allens.
CEO Franck Woitiez expressed the significance of this green bond, emphasizing that it will enable TagEnergy to efficiently deliver its existing pipeline of renewable energy projects, contributing to the global goal of achieving net-zero carbon emissions at an accelerated pace.
“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),” Mr Woitiez said.
“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 said.
Jakob Groot, Partner at CIP said: “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.”
