Porsche Issues Biggest Ever Green Schuldschein To Raise $1.12Bln For Sustainable Projects

MOSCOW (UrduPoint News / Sputnik - 12th August, 2019) Germany's car manufacturer Porsche said on Monday that it had issued the largest in history Schuldschein - a German fixed-rate debt instrument - of 1 billion Euros ($1.12 billion) to get support for sustainable projects.

"Porsche AG has issued the largest green Schuldschein to date with a volume of one billion euros. It is the first transaction of its kind by a car manufacturer: the funds will be used exclusively to refinance sustainable projects. Porsche issued its green Schuldschein in tranches offering maturities of five, seven and ten years as well as fixed and variable interest rates," the car manufacturer said in a statement.

Deputy Chairman and Member of the Executive board for Finance and IT of Porsche Lutz Meschke pointed out that the new Schuldschein was providing investors with an opportunity to spend money on sustainable purposes.

"We have seen that more and more investors want to invest their funds sustainably. With the green Schuldschein, we now give lenders such an opportunity," Meschke stressed.

The funds gathered with the issued Schuldschein will be used to implement the Porsche Taycan project of a fully electric vehicle, the first one of Porsche, the statement noted.

Porsche Taycan will be introduced in September and become available for customers until the end of the year.