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Innogy to reallocate green bond proceeds to grid projects

Innogy SE said Oct. 10 that it decided to reallocate proceeds of its inaugural green bond to grid projects from renewable projects due to the planned €43 billion asset swap deal between parent RWE AG and rival E.ON SE.

Under the deal, Innogy's renewable business will be transferred to RWE, while its bonds will be assumed by the new E.ON group, according to a news release. The deal is expected to close by the end of 2019.

Innogy said it issued €850 million of the green bond in October 2017 to refinance one onshore and four offshore wind farms.