Irish insulation maker Kingspan Group said on Wednesday it raised €750 million from a so-called green private placement.

A green placement refers to a type of instrument that is specifically earmarked to raise money for climate and environmental projects.

Kingspan said the deal was the largest corporate green private placement globally to date.

“The new loan notes were priced on 10 September and, subject to contract, will close on 25 September 2020,” said Kingspan.

“€580m of the notes are Euro denominated with a further €170m equivalent in USD. 

“The weighted average fixed interest coupon is 1.78% per annum, with weighted average maturities of 9.7 years.”

Kingspan Group chief financial officer Geoff Doherty said: “We are delighted to have agreed terms on our first green private placement at a compelling fixed interest rate.

“The pricing is a testament to Kingspan’s planet passionate strategy and provides long term capital to further develop the group in the years ahead. 

“As well as extending our maturity profile this transaction will leave us with in excess of €2 billion of cash and committed undrawn facilities.”