Audax Renovables issues €33.9 million in green bonds

The company's business plan has been supported in the capital markets, where it has received oversubscription for its initial issue of €30 million and an internal rate of return for investors lower than that of its current bond issue maturing in 2027, thus reaffirming the market's confidence in Audax.

July 17, 2025.–  Audax Renewables (ADX.MC), a vertically integrated European energy group that generates 100% renewable energy and supplies electricity and gas to customers in 8 European countries, has today completed the incorporation into the Alternative Fixed Income Market (MARF) of a first issue of green bonds for a total amount of 33.9 million euros.

The issue is linked to eligible renewable energy generation projects, in accordance with the Green Finance Framework approved by the Board of Directors in March 2025.

The transaction is being carried out under the company's medium and long-term issuance program called EUR 400,000,000 Senior Unsecured Notes Programme Audax Renovables, SA 2025 and is structured in two tranches:

• ISIN ES0336463015: 214 bonds worth €21.4 million, maturing in November 2028 and with an annual coupon of 5.85%.
• ISIN ES0336463023: 125 bonds worth €12.5 million, maturing in July 2028 and with an annual coupon of 5.80%.

These issues reflect a clear disconnect between Audax's current credit quality and the illiquidity observed in its senior unsecured bond due December 2027, demonstrating the market's growing confidence in the company's financial performance.

The funds raised from the issue, amounting to €33.9 million, will be used entirely to partially repurchase the existing convertible green bond, up to a maximum amount of €50 million. This transaction will be completed with Audax's own resources, with the aim of reducing the company's gross financial debt.

The Green Finance Framework is supported by Sustainable Fitch through the issuance of a Second Party Opinion (SPO) granting it the highest possible rating, with a grade of EXCELLENT.

In addition to reviewing Audax's Green Finance Framework, Sustainable Fitch has independently assessed the two individual green bond issues. This dual approach represents the company's commitment to international sustainable finance standards, such as the ICMA Green Bond Principles.

In line with its commitment to good governance, transparency, and investor confidence, Audax is positioning itself as one of the first Spanish issuers to voluntarily implement this enhanced level of external review, thus consolidating its role as a pioneering issuer in the adoption of internationally recognized best practices.

With this issue, Audax strengthens its financial structure and advances its commitment to promoting a 100% renewable energy model, contributing to the decarbonization of the economy and fulfilling its 2023-2025 Strategic Sustainability Plan.