Published: 2019-02-13 19:15:46 CET
Orkuveita Reykjavíkur
Other information disclosed according to the rules of the Exchange

Orkuveita Reykjavíkur – Green Bond Offering Results

Orkuveita Reykjavíkur (OR; Reykjavik Energy) today concluded its first green bond offering. The new green bond series has a maturity of 36 years, pays a fixed real-interest rate and will be listed on the Nasdaq Iceland Sustainable Bond market. The series has a semiannual annuity amortization schedule and a final maturity on February 18th 2055.

The issue attracted bids amounting to ISK 6,258m at a yield of 2.50%-2.70%. OR accepted bids amounting to ISK 3,528m at a yield of 2.60%.

The bond proceeds will be used to finance an array of green projects within OR, whose ambitious goal is to reduce carbon emissions by 60% by 2030. Projects to be funded include:

  • The CarbFix project at Hellisheiðarvirkjun, whereby CO2 is captured and stored as rockin the subsurface
  • Technologies that support smart grid applications
  • Renewable energy, energy distribution and expansion of the district heating system

In relation to the bond offering, OR has established a Green Bond Framework – Reykjavik Energy Green Bond Framework. The Green Bond Framework conforms to the „Green Bond Principles“, guidelines put forward by ICMA, the International Capital Market Association. CICERO Green has issued an independent review of the framework and has rated it with the highest possible rating of „dark green“ for positive environmental affects of the projects and a rating of „excellent“ for the governance structure of the framework.

Fossar Markets managed the process on behalf of OR.

For further information please contact:

Ingvar Stefánsson, CFO, tel: +354 516 6100, email: 

Matei Manolescu, Fixed Income at Fossar Markets, tel: +354 522 4008, email: