With this issue, EEW is replacing a green bond due in June 2026 whilst simultaneously securing funding for future investments under its updated Green Financing Framework.
The transaction met with very strong demand, particularly from asset managers in France and the United Kingdom. The order book peaked at more than €1.4 billion and stood at more than €1.1 billion at the close – meaning the bond was oversubscribed by around two times.
“The successful placement of our green bond sends a strong signal from the capital market and underlines the confidence in our business model and strategy,” says Stefan Schmidt, CFO of the EEW Group. “For a critical infrastructure company in particular, stable and reliable financing structures form the basis for implementing investments in a planned manner.”
The proceeds will be used to finance and refinance projects that contribute to the further development of the EEW Group’s plants and sites – particularly in the areas of energy efficiency, heat and energy supply, battery storage, recycling and phosphorus recovery, and CO₂ capture. This is based on the EEW Group’s Green Financing Framework, which was updated in March 2026. The framework complies with current market standards, is based, amongst other things, on the Green Bond Principles, and already incorporates the EU taxonomy for EEW’s material business activities. It was independently reviewed by ISS-Corporate as part of a second-party opinion.
“The Green Financing Framework and the Green Bond Reporting continue to demonstrate transparently how we categorise investments and utilise the proceeds from the green bond,” said Schmidt. “Particularly against the backdrop of the transformation of the energy and heating sectors, it is crucial that we consistently link our financing to our sustainable investments and continue to transparently demonstrate their positive contribution in the future.”
EEW holds two “BBB-” investment-grade ratings with a “stable” outlook from S&P and Fitch. Following the successful refinancing, S&P has upgraded the outlook from “negative” to “stable” and reaffirmed the rating at BBB-.
The green bond is listed on the Luxembourg Stock Exchange (LGX Green Bonds). The ISIN is XS3385465482.