EnBW Energizes with €500 Million Green Hybrid Bond
Deal News | Jul 28, 2025 | White & Case LLP
EnBW Energie Baden-Württemberg AG (EnBW) has successfully launched a €500 million green hybrid bond, advised by global law firm White & Case LLP. The bond issuance features a 4.50% annual interest rate with a term of 30 years, and its first call date is set for April 28, 2034. This subordinated financing structure allows the bond to receive a 50% equity credit from rating agencies S&P and Moody's, which enhances EnBW's credit rating. The proceeds from the bond will be allocated towards green projects outlined in EnBW's Green Financing Framework. The bond was introduced to the regulated market of the Luxembourg Stock Exchange. The White & Case advisory team was led by partners Karsten Wöckener and Bodo Bender, with contributions from local partner Felix Biedermann, counsel Alexander Born, and associate Domenik Mack.
Sectors
- Renewable Energy
- Legal Advisory
- Finance
Geography
- Germany – EnBW Energie Baden-Württemberg AG is based in Germany, and the green hybrid bond issuance is a significant financial move within the region.
- Luxembourg – The bond was admitted to trading on the Luxembourg Stock Exchange, signifying its relevance to the financial markets in Luxembourg.
Industry
- Renewable Energy – The issuance of a green hybrid bond by EnBW is intended to finance green projects, indicating a focus on renewable energy initiatives.
- Legal Advisory – White & Case LLP's involvement as the legal advisor in the bond issuance highlights the role of legal advisory services in facilitating such financial transactions.
- Finance – The bond issuance represents a significant financial transaction within the capital markets, emphasizing the role of finance in corporate funding strategies.
Financials
- €500 million – The total value of the green hybrid bond issuance by EnBW.
- 4.50% – The annual interest rate of the green hybrid bond.
- 30 years – The term duration of the green hybrid bond.
- 50% – The equity credit granted to the bond by S&P and Moody's.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| EnBW Energie Baden-Württemberg AG | Issuer | Company | A leading energy company in Germany, involved in the issuance of a €500 million green hybrid bond to finance sustainable projects. |
| White & Case LLP | Legal Advisor | Company | A global law firm that advised EnBW on the green hybrid bond issuance. |
| S&P and Moody's | Rating Agencies | Company | Provided a 50% equity credit for the green hybrid bond, impacting EnBW’s credit rating. |
| Luxembourg Stock Exchange | Exchange | Company | The financial exchange where the green hybrid bond was admitted to trading. |