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Porsche issues €1B green Schuldschein to refinance sustainable projects

German luxury-car maker Porsche AG said Aug. 12 that it has issued €1 billion of green Schuldschein, which it plans to use to refinance sustainable projects like the Porsche Taycan vehicle.

A Schuldschein is a traditional German floating- or fixed-rate debt instrument with a typical maturity of two to 10 years.

The Porsche Taycan sports car is the carmaker's first fully electric vehicle, which will be unveiled in September. The Taycan is slated for release by the end of 2019 and has so far booked more than 20,000 prospective buyers.

Porsche, a subsidiary of Volkswagen AG, issued the green Schuldschein in tranches offering maturities of five, seven and 10 years, as well as fixed and variable interest rates. The offering attracted interest from more than 100 institutional investors such as banks, pension funds and insurance companies, the company said.

The company added that the green Schuldschein transaction is the first of its kind by a car manufacturer and is the biggest issuance of green Schuldschein to date.

Porsche said it has identified a green project portfolio of more than €2.75 billion, of which 55% will be allocated to costs for energy-efficient, resource-conserving production facilities and 45% to development costs.