Linklaters advises Caruna Networks Oy in accessing its inaugural ‘Green Bonds’ financing

Linklaters has advised Caruna, Finland’s largest distribution system operator, on three transactions, which achieved financial settlement and successful close on 18 June 2021:

Update of Transmission Finance DAC’s €10,000,000,000 Multicurrency programme prospectus to include Green Bonds with proceeds to be lent to Caruna Networks Oy, after Caruna established its Green Finance Framework which has a Second Party Opinion issued by CICERO;

Issue of €300,000,000 0.375 per cent. Series 11 Green Bonds due 2028 under the programme; and

Tender Offer of up to €300,000,000 of €500,000,000 1.500 per cent. Series 9 Bonds due 2023.

Caruna distributes electricity and maintains, repairs and builds a weatherproof electricity network for its over 700,000 customers in South, Southwest and West Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and Satakunta. Its electrical network is over 88,000 kilometres long.