RWE to use proceeds from €500 million green bond to finance solar and wind power projects

German utility RWE AG has issued its first green corporate bond for €500 million ($608 million). According to the company, the issue was »more than three times oversubscribed.« The proceeds will be used »exclusively to finance wind power and solar projects,« said RWE CFO Michael Müller. »By the end of 2022, we want to expand our portfolio to more than 13 gigawatts.« Currently, the company has projects with an installed capacity of 3.7 gigawatts under construction. By the end of the year, the proceeds from the bond are expected to be allocated to specific renewable energy projects of RWE.

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