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Green Bond Impact Report 2022
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The EnBW green bonds: Investing in the future of energy

In line with our strategy of developing into a sustainable and innovative infrastructure partner, we are investing increasingly in climate-friendly growth projects. Therefore, we plan to invest a total of around €14 bn between 2021 and 2025, 80% of which will be spent on growth projects (focusing on grid expansion, expansion of renewables and further development of our smart infrastructure for customers). In addition, we aim to reduce our CO₂ emissions in Scopes 1 and 2 by 2035 in line with the 1.5° pathway of the Paris Climate Agreement and neutralize remaining emissions via recognized offset projects. Moreover, we added an SBTi approved reduction target for indirect emissions in scope 3.

Since 2018, our green bonds have been contributing on the road to decarbonization. In 2022, funds from green bonds also went into the expansion of electricity distribution networks for the first time. The energy transition requires infrastructure, which is why a large part of our investment is focused on expanding the grids.

Thomas Kusterer, CFO

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As of 31 December 2022

Allocation of EnBWs green bond proceeds

Key data on EnBW green bonds

Bond type
Rating (Moodys / S&P)
Issue size (€m)
Net issue proceeds (€m)
Issue date
Term (years)
Coupon (% p.a.)
Denomination (€)
ISIN
Bond type
Green Senior
Rating (Moodys / S&P)
Baa1 / A-
Issue size (€m)
500
Net issue proceeds (€m)
496.42
Issue date
31.10.2018
Term (years)
15
Coupon (% p.a.)
1.875
Denomination (€)
1,000
ISIN
XS1901055472
Bond type
Green Subordinated
Rating (Moodys / S&P)
Baa3 / BBB-
Issue size (€m)
500
Net issue proceeds (€m)
498.25
Issue date
05.08.2019
Term (years)
60
Coupon (% p.a.)
1.625
Denomination (€)
100,000
ISIN
XS2035564629
Bond type
Green Subordinated
Rating (Moodys / S&P)
Baa3 / BBB-
Issue size (€m)
500
Net issue proceeds (€m)
498.25
Issue date
05.08.2019
Term (years)
60.25
Coupon (% p.a.)
1.125
Denomination (€)
100,000
ISIN
XS2035564975
Bond type
Green Subordinated
Rating (Moodys / S&P)
Baa3 / BBB-
Issue size (€m)
500
Net issue proceeds (€m)
494.75
Issue date
22.06.2020
Term (years)
60
Coupon (% p.a.)
1.875
Denomination (€)
100,000
ISIN
XS2196328608
Bond type
Green Subordinated
Rating (Moodys / S&P)
Baa3 / BBB-
Issue size (€m)
500
Net issue proceeds (€m)
498.25
Issue date
24.08.2021
Term (years)
60
Coupon (% p.a.)
1.375
Denomination (€)
100,000
ISIN
XS2381272207
Bond type
Green, Senior
Rating (Moodys / S&P)
Baa1 / A-
Issue size (€m)
500
Net issue proceeds (€m)
498.75
Issue date
22.11.2022
Term (years)
4
Coupon (% p.a.)
3.625
Denomination (€)
1,000
ISIN
XS2558395351
Bond type
Green, Senior
Rating (Moodys / S&P)
Baa1 / A-
Issue size (€m)
500
Net issue proceeds (€m)
498.75
Issue date
22.11.2022
Term (years)
7
Coupon (% p.a.)
4.049
Denomination (€)
1,000
ISIN
XS2558395278

Sustainable projects with sustainable finance

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We invest the proceeds from our green bonds in sustainable environmental and climate change mitigation projects. These include onshore wind power, offshore wind power and photovoltaics. We are also pressing ahead with the expansion of charging infrastructure for electric mobility.

Wind offshore

Wind onshore

Charging infrastructure for electric mobility

Solar (PV)

Acquisition of Valeco

Electricity distribution grids

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Good independent assessments

For independent assessments, we have obtained both a Second Party Opinion from ISS ESG and CBI certification for all of our green bonds.

ISS ESG Second Party Opinion

ISS ESG, a rating agency internationally specialising in sustainability, has confirmed that all EnBW Green Bonds issued to date comply with the Green Bond Principles on the basis of International Capital Market Association (ICMA) criteria. In addition, ISS ESG confirmed the good sustainability quality of the bonds and also our above-average sustainability performance as the issuer (ISS ESG Prime Status). Further information is available for downloading here.

Climate Bonds Initiative certification

Our Green Bonds also are certified to the high standards of the Climate Bonds Initiative (CBI). The Climate Bonds Initiative (CBI) is an international organisation that works to mobilise the bond market for climate change solutions. These feature detailed sector-specific criteria for qualification as green bonds. Further information is available for downloading here.