Clifford Chance has advised a banking syndicate consisting of Commerzbank, J.P.Morgan, Raiffeisen Bank International, Société Générale und UniCredit Bank Austria on the issuance of a 'green bond' by Verbund AG, the first of its kind by an Austrian issuer.

The EUR 500 million bond pays an annual coupon of 1.5% and is due in 2024.

Verbund AG is Austria's leading electricity company and one of the largest producers of electricity from hydropower in Europe. The proceeds of this green bond will be used to finance and refinance energy efficiency improvements to hydropower plants in Austria and renewable energy wind energy projects in Austria and Germany.

The Clifford Chance team was led by partner Sebastian Maerker and comprised counsel Dr. Felix Biedermann and associate Said Wais Ashrafnia (all Banking & Capital Markets, Frankfurt).