Energy

Public Power to issue sustainability-linked bonds due 2028

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A view of the coal-fired power station of the Public Power Corporation (PPC) near the northern town of Ptolemaida, Greece, April 2, 2017. REUTERS/Alexandros Avramidis

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ATHENS, July 12 (Reuters) - Public Power Corp. (PPC), Greece's biggest power utility, plans to issue sustainability-linked bonds to raise 350 million euros ($416 million), it said on Monday.

PPC mandated Goldman Sachs Bank Europe and HSBC Continental Europe as joint lead managers for the issue due in 2028, subject to market conditions and demand, it said.

Proceeds from the bonds would be used to help repay existing debt, PPC said.

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The utility, which is 51% owned by the state, has committed to shutting down all its coal plants by 2025 and reducing carbon emissions by 40% by the end of 2022. read more

PPC raised about 725 million euros from two sustainability-linked bonds earlier this year.

($1 = 0.8422 euros)

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Reporting by Angeliki Koutantou; Editing by Alex Richardson and Edmund Blair

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