Global energy and electricity provider Iberdrola announced that its has raised $525 million in a new green bond issuance through its U.S. business Avangrid’s subsidiary New York State Electricity and Gas, with proceeds aimed at boosting the company’s U.S. network business.
According to Iberdrola, demand for the 10-year offering was strong at more than $2 billion, enabling the company to bring the cost of funding down to 5.332%, only 135 basis points over the benchmark interest rate.
In a statement by the company following the offering, Iberdrola said:
“Investor confidence in Iberdrola is at an all-time high and the issue had the added incentive of being green, which attracts a growing number of investors. Iberdrola thus paid a minimal new issue premium.”
The offering marks the latest in a series of sustainable finance transactions for Iberdrola, including three other green bonds…
