Romanian electricity distributor and supplier Electrica listed the largest issue of green, corporate, and non-financial bonds on the Romanian capital market, reaching a total value of EUR 500 million, on July 30.
The bonds, with the stock symbol EL30E, are registered, non-convertible, unsecured, denominated in euro, have a nominal value of EUR 1,000 each, and will reach maturity on 14 July 2030. They have an annual interest rate of 4.375%.
Following the sale offer carried out by Electrica, 155 bondholders from 31 countries subscribed, all of them legal entities. Before being traded on the local capital market, Electrica’s green bonds were listed on 14 July 2025, on the Luxembourg Stock Exchange, with the issuance having been approved by the competent institution in Luxembourg (CSSF Commission de Surveillance du Secteur Financier).
The funds raised through Electrica’s first bond issue will be used to finance and/or refinance eligible green projects, which involve projects related to renewable electricity, in accordance with the provisions of Electrica’s Green Financing Framework and the prospectus approved by the CSSF.
Electrica’s shares have been listed on the BVB Regulated Market since 2014. In the 11 years since its listing, Electrica has recorded a price return of 52%, while the total return has been over 100%. The company’s market capitalization has now reached over RON 5.7 billion. Over the years since its listing, Electrica has paid gross dividends totalling RON 2.10 billion.
Global depositary receipts (GDRs) based on shares issued by Electrica have also been listed on the main market of the London Stock Exchange since 2014. Electrica has been part of the main index of the Romanian capital market, the BET index, since August 2014. Since then, the BET index has recorded a return of over 180%. Electrica is also included in nine other BVB indices: BET-NG, BET-XT, BET-EF, BET-BK, BETPlus, ROTX, and the BVB total return indices. Since 2024, the company has also been included in the FTSE Global All Cap indices, alongside 13 other local companies. Electrica is also among the 35 Romanian companies included in the MSCI Frontier Markets index since 2014.
“The listing of this record green bond issuance is a key milestone in Electrica’s strategy, aimed at supporting the energy transition and strengthening our position in the Romanian energy market. […] This issuance enables us to finance strategic investments in sustainable energy infrastructure and to achieve our long-term sustainable growth objectives,” said Alexandru Chiriță, CEO of Electrica.
“The participation of the European Investment Bank as one of the key investors illustrates Romania’s strategic alignment with European decarbonization and digitalisation objectives. The success of this issuance confirms that Romania has viable energy transition projects that are essential for meeting continental climate targets,” said Remus Vulpescu, CEO of the Bucharest Stock Exchange.
The bond issue was assisted by BCR – Banca Comercială Română, BNP PARIBAS, Citigroup Global Markets Europe AG, ING Bank N.V., J. P. Morgan SE, Raiffeisen Bank International AG, as Joint Global Coordinators, and BT Capital Partners, Intesa Sanpaolo S.p.A., Société Générale, and UniCredit Bank GmbH as Joint Bookrunners.
Fitch Ratings assigned a “BBB-” rating to Electrica’s bonds, in line with the expected rating that Fitch assigned on 2 July 2025. The corporate rating, last confirmed by Fitch in March 2025, is “BBB-” with a stable outlook.
(Photo source: bvb.ro)
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