Fortescue finds funding for growth projects

  • Monday, April 11, 2022

  • Keywords:Iron-ore
[Fellow]Fortescue finds funding for growth projects

【】Iron-ore major Fortescue Metals has completed a $1.5-billion senior note offering to fund its growth and green energy aspirations.

The miner said that $800-million of the proceeds from green senior notes would be applied to a number of decarbonisation initiatives, including the 150 MW solar generation component of the Pilbara Energy Connect (PEC) project, the acquisition of Williams Advanced Engineering and the hydrogen mobility project at Christmas Creek.

The $700-million proceeds raised from the senior notes are available to fund Fortescue’s Iron Bridge project, together with the balance of PEC.

To-date, the capital expenditure incurred for these projects has been funded from free cash flow.

“Fortescue’s sustainability financing framework recognises the global growth in sustainability and green sources of capital. The successful completion of Fortescue’s inaugural green financing offering demonstrates the company’s passion and commitment to integrate sustainability into all aspects of our business, as we take a global leadership position in the green energy transition,” said CEO Elizabeth Gaines.

Fortescue CFO Ian Wells said that the company maintained a strong balance sheet underpinned by investment grade credit metrics.

“The success of this transaction demonstrates the ongoing support for Fortescue’s industry-leading decarbonisation targets and further optimises our capital structure.” 

  • [Editor:zhaozihao]

Tell Us What You Think

please login!   login   register
  • Buy & Sell

Please be logged in to comment!