ESB has strong relationships in the US Private Placement market and has completed two large transactions in this market.
Debt Information
ESB has a strong balance sheet and liquidity position, and maintaining the financial performance and strength required to deliver our ‘Driven to Make a Difference: Net Zero by 2040’ strategy is a key foundational capability. We are committed to maintaining a strong investment grade credit rating and secure optimal long-term funding to match investment plans for a net zero future.
As part of our broader Green Financing Strategy, we are using sustainable finance options such as Green Bonds to fund the delivery of our strategy. We believe these bonds offer transparency to investors who wish to allocate funds to green assets, and in doing so allowing them to support our transition to reliable, affordable, low-carbon energy.
GROUP DEBT AS AT 31 December 2023
| Type | Percentage |
| Bonds | 72% |
| Green Bond | 22% |
| Private Placement | 3% |
| Bilateral (mainly EIB) | 7% |
AVAILABLE LIQUIDITY AS AT 30 June 2023
| Type | Percentage |
| Committed facilities | 62% |
| Cash | 38% |
ESB Debt Maturity
ESB Group Financing Structure
ESB Financing Programmes and Facilities
The majority of ESB’s financing needs are met from the stable cash flows generated by our operating activities. Additional financing requirements are funded through a combination of capital market issues and bank borrowings. The combination of these
facilities provides the prudence, diversity and flexibility which underline our financial strategy.
ESB Group Debt
As at 31 December 2023 ESB's Group Debt totalled €7.7 billion.
Bond Information
As at 30 June 2023
| Issuer | Currency | Maturity | Amount Outstanding | Coupon | ISIN | Listed | Term Sheet |
| ESB Finance DAC | EUR | 2043 | 350,000,000 | 3.75% | XS2579482006 | Irish Stock Exchange | Download Report |
| NIE Finance PLC | GBP | 2032 | 350,000,000 | 5.875% | XS2528656080 | London Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2032 | 550,000,000 | 4% | XS2550909415 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2034 | 500,000,000 | 1% | XS2432544349 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2030 | 700,000,000 | 1.125% | XS2009861480 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2044 | 100,000,000 | 2% | XS1981749044 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2033 | 500,000,000 | 2.125% | XS1903442744 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2024 | 300,000,000 | 3.494% | XS0992646918 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2029 | 500,000,000 | 1.750% | XS1560853670 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2031 | 600,000,000 | 1.875% | XS1428782160 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | GBP | 2035 | 325,000,000 | 1.875% | XS2105811116 | Irish Stock Exchange | Download Report |
| NIE Finance PLC | GBP | 2026 | 400,000,000 | 6.375% | XS0633547087 | London Stock Exchange | Download Report |
| NIE Finance PLC | GBP | 2025 | 350,000,000 | 2.500% | XS1820002308 | London Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2027 | 500,000,000 | 2.125% | XS1239586594 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2028 | 500,000,000 | 4% | XS2697983869 | Irish Stock Exchange | Download Report |
| ESB Finance DAC | EUR | 2036 | 500,000,000 | 4.25% | XS2697970536 | Irish Stock Exchange | Download Report |
ESB Capital Markets Funding
Euro Medium Term Note Programme (EMTN) – ESB Finance DAC
In the capital markets we have a €8 billion Euro Medium Term Note Programme (EMTN) under which a number of Euro bonds and one GBP bond have been issued since March 2010. In addition to the EMTN issues, ESB’s subsidiary Northern Ireland Electricity has issued three GBP bonds.
- ESB EMTN Offering Circular Supplement - September 2023
- ESB EMTN - Offering Circular - July 2023
- ESB EMTN Offering Circular Supplement - October 2022
- ESB 2022 EMTN Update Final Offering Circular - August 2022
- ESB EMTN Offering Circular Supplement - January 2022
- ESB EMTN Offering Circular - August 2021
- ESB EMTN Offering Circular - July-2020
- ESB EMTN Offering Circular - December 2019
- ESB EMTN Offering Circular - May 2019
- ESB EMTN Programme Offering Circular - March 2019
Other Sources of Finance
US Private Placement
Bilateral Finance
ESB enjoys a long-standing relationship with the European Investment Bank as well as its group of 13 international relationship banks which also provide its primary liquidity facility. Where appropriate, we also avail of non-recourse project finance facilities from relationship and other banks.
Liquidity
ESB’s primary liquidity source is a €1.4 billion Sustainability linked Revolving Credit Facility provided by our core relationship bank syndicate of 13 international banks – a facility which is currently committed out to February 2027. In December 2022, ESB entered into a new short term Revolving Credit facility of £750 million up to December 2023 with a group of 6 international banks.