A&O acted as legal counsel to the syndicate of banks on EDF's issuance of green bonds financing nuclear energy projects aligned with the EU Taxonomy

On 28 November 2023, Électricité de France (EDF), one of the largest operators of nuclear assets in the world, priced a €1 billion green bonds financing nuclear energy projects aligned with the EU Taxonomy (the Bonds), with a 3.5-year maturity and a 3.75% fixed coupon, which was met with strong demand from investors.

This transaction marks a milestone in the development of the green bonds market, as it is the first time that green bonds will finance nuclear energy projects aligned with the EU Taxonomy. We are proud to have supported the syndicate of banks, including Crédit Agricole CIB, Mizuho, Santander and UniCredit, as bookrunners, in this innovative and landmark transaction.

EDF will allocate the net proceeds of the Bonds to EU-Taxonomy aligned nuclear energy capital expenditures in existing French nuclear reactors, in compliance with its Green Financing Framework published on 12 July 2022. It was updated at that time to be aligned with the EU-Taxonomy.

The Allen & Overy team in Paris was composed of partner Hervé Ekué with support from senior associate Quentin Herry and associate Rizlane Hajib on international capital markets aspects. The team also included partner Mathieu Vignon and senior associate Virginie Chatté on tax aspects