BERNSTEIN Utilities Daily – June 30th

Research evidence excerpt

BERNSTEIN Utilities Daily – June 30th

Deepa Venkateswaran, ACA +44 20 7676 6990 deepa.venkateswaran@bernsteinsg.com 30 June 2026

in Belgium’s 2021 capacity market auction.

GERMANY & AUSTRIA

• RWE successfully issues €1.5bn green bond (RWE). RWE has successfully issued another green bond with a total volume of

€1.5bn. The bond was issued in two tranches of €750m each, with a 6-year tenor and a 11-year tenor, respectively. For the first

tranche, the yield-to-maturity amounts to 3.497%, based on a coupon of 3.375% p.a. and an issuance price of 99.350%. For the

second tranche, the yield-to-maturity amounts to 4.052%, based on a coupon of 4.000% p.a. and an issuance price of 99.546%.

• RWE and PPC bring nearly 1GW of new solar capacity online in Northern Greece (RWE). RWE and PPC are driving forward

Greece’s energy transition with nearly 1GW of new solar capacity now in operation. The last of nine solar farms in Western Macedonia

has recently been commissioned. These solar projects are grouped into three large-scale photovoltaic clusters and have a total

capacity of 930MWp (884MWac). Within the boundaries of the former Amynteo open-cast lignite mine, joint venture Meton Energy,

RWE (51% share) and PPC (49% share) has developed, constructed and commissioned these nine solar farms. The partners are

currently constructing two new solar projects in the administrative region of Central Macedonia in Northern Greece. Kotyli and Neo

Syrakio solar farms will have a total capacity of 567MWp (518MWac) with commissioning expected in 2027.

• Power grids set to receive speedier permissions under new German law (CLEW). The German parliament has passed a law

aimed at speeding up and simplifying infrastructure buildout in the country, and decided that certain energy projects should also be