Niederer Kraft Frey advised Axpo Holding AG on the placement of a CHF 500 million bond. The bond is issued in two tranches and is the first sustainability-linked bond placed by a Swiss utility provider. Tranche A in the amount of CHF 200 million is due in 2025 and provides for an interest rate of 0.25 per cent. Tranche B in the amount of CHF 300 million is due in 2027 and provides for an interest rate of 0.625 per cent. The financing costs are linked to the achievement of targets, relating to the further expansion of the capacity of renewable energies. The settlement is expected to take place on 4 February 2022.

Axpo is Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. Axpo develops innovative energy solutions for its customers based on state-of-the-art technologies in 30 countries in Europe, North America and Asia. Sustainability is a central pillar of the Axpo Group’s strategy, which is also reflected in the financing of the company. Following the issue of the first green bond in July 2020, Axpo Holding AG placed its first sustainability-linked bond on the market on 25 January 2022.

The NKF Team was led by Capital Markets partners Philip Spoerlé and Andrea Giger, working with junior associate Carlotta Ulmer (Capital Markets) as well as partner Markus E. Kronauer (Tax).