ALL FUNDING OCCURS VIA OUR GREEN FINANCE FRAMEWORK

Green financing in European Energy

Our Green Finance Framework

100% of bond proceeds used for renewable energy

Green Finance Framework

This Green Finance Framework is aligned with the Green Bond Principles published by the International Capital Markets Association (ICMA) in 2022 and the Green Loan Principles published by the Loan Market Association (LMA) in 2022. This update allows European Energy to broaden the types of Green Instruments to not only include Green Bonds but also Green Loans and other types of debt instruments, which are used to finance, or re-finance.

Green Bond Report 2023

External verifier of the Green Finance Framework and Eligible Assets

Eligibility assessment opinion

European Energy has engaged DNV to act as an external verifier of this Green Finance Framework and the Eligible Assets by way of a Second Party Opinion.

View DNV eligibility assessment opinion

Our currently issued bonds

Senior and Hybrid Bonds

European Energy A/S has issued the following bonds:
• Senior bond of EUR 300 million (DK0030494505) with maturity on September 16, 2025. A voluntary early redemption of EUR 105 million was made on May 2, 2024 leaving EUR 195 million outstanding.
• Senior bond of EUR 150 million (DK0030511613) with maturity on September 8, 2026 was first issued in September 2022 (EUR 75 million) with a subsequent tap (EUR 75 million) in January 2023. A voluntary early redemption of EUR 52.5 million was made on May 2, 2024 leaving EUR 97.5 million outstanding.

Senior, maturity 2025, EUR 300m bond

Terms and conditions

Terms and conditions: Available for download here

Prospectus

Prospectus: The prospectus dated 7th of October 2021 approved by the Danish FSA and Nasdaq Copenhagen A/S for the issue of EUR 300m

Available for download here

Listing

Listing: Nasdaq’s sustainable exchange

Senior, maturity 2026, EUR 150m bond

Terms and Conditions

Terms and conditions: Available for download here

Articles of association

Articles of association:
Available for download here

Prospectus

The prospectus dated 9 November 2022 approved by the Danish FSA and Nasdaq Copenhagen A/S for the issue of EUR 75m (available for download here)

The prospectus dated 26 April 2023 approved by the Danish FSA and Nasdaq Copenhagen A/S for the issue of EUR 75m (available for download here)

Tap issue addendum

Tap issue addendum (available for download here)

Capital structure in European Energy

A two-layered capital structure

The Group operates a two-layered capital structure. The parent company constitutes the top-layer of the capital structure, which includes funding that is unsecured and structurally subordinated to project-level financing at the bottom. The latter is predominantly secured bank financing of renewable energy projects either under construction or in operation. The Group’s financial policy is defined by a set of financial maintenance covenants included in the terms and conditions of the senior unsecured bonds issued by the parent company. These are:

1. A minimum parent company equity to total assets (excl. cash) of 25%
2. A maximum group project financing to group project assets (PPE and Inventories) of 75%

Debt funding of the parent company is based entirely through Nasdaq Copenhagen listed bonds with “Nordic”-style documentation and issued under the company’s green financing framework.

Contact

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Flemming Jacobsen

Head of Group Treasury & FP&A

(+45) 20 10 39 79

flja@europeanenergy.com

Martin Graa Jennum

Head of FP&A

(+45) 21 14 61 07

mgj@europeanenergy.com