Swedish energy giant Vattenfall has announced the issuance of a green bond worth €500 million (£438m).

The proceeds from the bond issue will be earmarked for investments in four eligible categories: renewable energy and related infrastructure, energy efficiency, electrification of transport and heat and industrial projects.

Vattenfall now has three green bonds outstanding with a total of €1.5 billion (£1.3bn), with the latest issue oversubscribe by more than 3.5 times.

CFO Kerstin Ahlfont said: “I am happy to say that we have once more seen a very strong interest among European investors when issuing our new green bond and that so many have chosen to contribute to our goal of enabling fossil-free living within one generation.”