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Italy's Enel Is Set to Hit Its Goal With First Batch of Climate-Linked Bonds

  • Initial batch of the debt passes total capacity target date
  • Issuer must meet climate goal to avoid higher coupons
Italy's Clean Energy Town Asks Why Populists Are Abandoning It
Photographer: Alessia Pierdomenico/Bloomberg

Enel SpA says it expects to achieve its renewable energy targets after the first-ever sustainability-linked bonds met their deadline. 

The Italian utility’s installed capacity of renewable energy plants needed to have hit at least 55% of total capacity by the end of 2021 to avoid a coupon step-up on about $3.7 billion of sustainability-linked bonds in dollars and euros. Enel’s ultimate target is to hit 100% by 2040, according to its strategic plan.