TagEnergy raises €570m for 4GW of global renewables projects

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Global clean energy enterprise TagEnergy, S.A. used a green bond to finance a pipeline of 4GW of renewable energy projects across OECD countries.

Global clean energy enterprise TagEnergy, S.A. has raised €570m through a green bond to finance a pipeline of 4GW of renewable energy projects.

Issued in Australian dollars and Euros, the bond drew global investors including Copenhagen Infrastructure Partners (CIP) and Singapore’s government reserves manager, GIC.

The new finance will be instrumental in supporting the growth of TagEnergy’s renewable energy portfolio of onshore wind, battery energy storage systems (BESS) and solar PV assets across the UK, Europe and Australia.

TagEnergy was founded in 2019 and has successfully achieved financial close on several renewable energy projects within its portfolio, including the 756MW first stage of the 1.3GW Golden Plains Wind Farm onshore wind mega-project in Victoria, Australia.

The first €270m tranche adds to the existing funding sources for the construction of the first stage of Golden Plains Wind Farm with the remaining finance of up to €300,000,000 dedicated to TagEnergy’s other global renewable assets. 

TagEnergy CEO Franck Woitiez said: “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).” 

“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.” 

Jakob Groot, partner at CIP, said: “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, chief investment officer 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.”