Published: May 15, 2020
German gas company VNG has become the latest name from the country to issue a green promissory note, as analysts say the country is warming to the idea of attaching climate language to its famously simple Schuldschein documentation.
VNG issued €100mn of green Schuldschein with maturities of seven to 10 years at the end of February.
“The topics of sustainability and ecology are becoming increasingly important for our company,” said Bodo Rodestock, VNG executive board member, “which is why it makes sense that we also focus more on sustainable topics when it comes to financing. With the financing form of the green promissory note, we are now going a new way for the first time.”
There was a “significant” oversubscription, VNG said in a statement, which prompted the company to slightly increase the size of the transaction.
VNG has a 2030 strategy to focus in the medium to long term on green gasses, particularly biogas and decarbonised hydrogen.