PLMJ, CMS, CC advise on REN´s €300m green bonds 1st issuance

PLMJ, CMS and Clifford Chance have advised REN – Redes Energéticas Nacionais, on its first issue of green bonds, for the amount of €300 million

The debt issued has an eight-year maturity, with the operation being part of REN’s long-term financing strategy, based on sustainability. The financing now obtained is intended to be invested by REN in a set of sustainable assets, in accordance with the Green Finance Framework released by REN in February 2021.

Representing PLMJ, the operation was led by André Figueiredo (pictured left), partner from the Banking and Finance and Capital Markets area. The team included Raquel Azevedo partner, Alexandre Norinho de Oliveira, Pedro Roque Coelho and Sara Asseiceiro.

André Figueiredo said: “The focus on sustainability is now unavoidable in capital markets, and the monitoring of this theme is something in which PLMJ has been a pioneer. It was, therefore, a great pleasure to accompany REN on this path – which has in fact been followed for a long time – which allowed it to achieve this extraordinary result in its first issuance of green bonds, diversifying its investor base and giving a clear sign of commitment to environmental sustainability”.

On the side of Clifford Chance, the operation was led from Madrid by Capital Market partner, Antonio Henriquez (pictured centre), who worked closely with partner Jurgen van der Meer, from the Amsterdam office. The team was also supported by Stacey Zverev, senior associate Capital Markets, from the Madrid office, Tom Smeele, associate, Nolan Groenland, associate, and Onur Danismant, junior associate at the Amsterdam office.

Antonio Henriquez from Clifford Chance said: “This transaction represents another milestone in the evolution towards a more sustainable corporate finance model. We are very pleased to have assisted REN in this fantastic initiative and we trust that the success of this transaction will be a catalyst for others to follow REN’s example.”

CMS Rui Pena & Arnaut advised the banks from the Portuguese perspective. The operation was led by Francisco Xavier de Almeida (pictured right), partner from Capital Markets area, with David Luzia Apolónia, senior associate, Pedro Fernandes Nunes, associate, and Francisco Verdelho, intern.

“Participating in this transaction, which represents another step in our capital market towards a more sustainable model, is a pleasure. We are very pleased to have assisted in this operation, in line with the positioning of the CMS, nationally and internationally”, said Francisco Xavier de Almeida.