360Energy Solar successfully completes its fourth Green Bond issuance, reinforcing its leadership in Argentina’s renewable energy sector.
360Energy Solar, a leading company in photovoltaic solar energy in Argentina, has successfully completed the issuance of its fourth Green Bond (ON Verde) in the local market, further consolidating its role as a key player in the country’s energy transition.
With an initial target of raising $15 million, the offering received bids exceeding $22 million, closing at a total issuance of $22,278,429. This strong demand reflects the market’s interest in the renewable energy sector and confidence in 360Energy’s capabilities and vision.
Key technical details of the Series 4 Green Bond issuance:
Number of orders received: 1,416
Total bids received: $22,594,500
Total issuance amount: $22,278,429
Cut-off interest rate: 8.00% per year
Issuance price: 100% of nominal value
Issuance and settlement date: October 30, 2024
Maturity date: October 30, 2027
Interest payment dates: April 30, 2025; July 30, 2025; October 30, 2025; January 30, 2026; April 30, 2026; July 30, 2026; October 30, 2026; January 30, 2027; April 30, 2027; July 30, 2027; and on the maturity date, October 30, 2027.
Principal repayment: The bond’s principal will be fully repaid on the maturity date.
Estimated duration: 2.70 years.
The issuance aligns with the Green Bond Principles established by the International Capital Market Association (ICMA). As a result, Fix, an affiliate of Fitch Ratings, awarded 360Energy’s Green Bond the highest green certification in Argentina (BV1) and assigned it an A credit rating. This endorsement confirms that the funds will be used for renewable energy projects that contribute to reducing carbon emissions in the country.
Commitment to Sustainability and Innovation
Federico Sbarbi Osuna, CEO of 360Energy for South America, expressed his enthusiasm about the results:"We are proud to have the trust of investors to continue expanding our projects, which not only drive the development of renewable energy but also create a positive impact on communities and the environment. This achievement reinforces our commitment to the energy transition and the shift toward a more sustainable planet."
Funds Allocated to Sustainable Energy and Technological Innovation
The funds raised will be used to expand and develop 360Energy’s solar parks, which have a project pipeline exceeding 500 MW planned for the coming years. Additionally, innovative technologies will be implemented to enhance the energy efficiency of its operational plants, and working capital will be strengthened—maximizing the positive social and environmental impact of these projects.
Strong Backing from Argentina’s Financial Sector
The transaction was structured by Banco Galicia and BBVA as lead arrangers, with the participation of Balanz Capital Valores S.A.U., Banco De Servicios y Transacciones S.A., PP Inversiones S.A., Bacs Banco de Crédito y Securitización S.A., Banco Comafi S.A., ICBC, Grupo IEB, and Banco Mariva. This strong involvement reaffirms the local financial system’s support for this strategic initiative in Argentina’s clean energy development.
Cecilia Dragonetti, CFO of 360Energy, highlighted:"This successful financial placement underscores the strength of our business model and the market’s confidence in our company’s projects and the renewable energy sector. Thanks to this funding, we can optimize our capital structure, expand our operational capacity, and maximize returns for our investors—while maintaining our unwavering commitment to sustainability and responsible growth."
With this transaction, 360Energy strengthens its presence in the green bond market and its commitment to sustainable development, once again demonstrating its active role in the transition toward renewable energy sources. These initiatives will help reduce carbon footprints and meet the growing energy demand of large industrial consumers in Argentina.