Innogy has informed that it achieved its financial independence from RWE on 6 October by signing a stand-alone credit agreement of EUR 2 billion.
The syndicated credit line has been provided by an international consortium consisting of 22 banks.
Bernhard Günther , Chief Financial Officer of innogy SE, says: “This transaction constitutes an important milestone for innogy. On the one hand it shows the confidence of our banking partners in a long-term cooperation. On the other hand we are now fully financially independent from RWE.”
The initial term of the credit line is five years (until 2022), with two renewal options after the first and second year and an increase option allowing innogy to access a further EUR 1 billion upon request.
The new credit line replaces the existing participation in RWE’s credit line, which was terminated at the same time.
RWE announced that it will set up a new subsidiary in December 2015, with the company’s Supervisory Board approving the business set-up later that same month.
In October 2016, innogy entered the Frankfurt Stock Exchange and was, at the time, the largest IPO Germany saw in 16 years.
Innogy comprises RWE’s renewables, grid and retail operations in Germany and abroad, while RWE has focused on conventional electricity generation and energy trading.