债券“科技板”他山之石：海外科技巨头债券融资路径演变案例复盘之新能源行业（上游供给端）

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report focuses on two overseas new - energy market leaders in the upstream energy supply segment of the new - energy industry, NextEra Energy Inc. and Iberdrola S.A. By reviewing their bond financing trajectories and analyzing their bond - using strategies at different development stages, it provides reference for Chinese new - energy companies in the same industrial chain participating in the primary bond market and institutional investors exploring the value of new - energy bond issuers in the secondary market [9]. - NextEra Energy Inc. establishes its industry leadership through scale effects and capital allocation optimization. Its bond - financing strategy matches its business structure, using bond financing to adjust the capital structure, ensure the match between liability term and asset life, and control the overall financing cost [1][38]. - Iberdrola S.A. becomes a global leader in the energy industry through forward - looking strategic vision and decisive transformation decisions. Its bond - financing strategy reflects its financial considerations and strategic intentions at different development stages, achieving a closed - loop of "technological/strategic advantage → credit/ESG advantage → low - cost financing → reinvestment to consolidate leading position" [1][68]. 3. Summary According to the Directory 3.1 United States: NextEra Energy Inc. 3.1.1 Development Path - The development process of NextEra Energy Inc. can be divided into three stages: "traditional transformation - scale expansion - comprehensive energy layout". In the traditional transformation period (1925 - 2002), it transformed from a single regional power supplier to a model of parallel "regulated business" and "market - competitive business". In the scale - expansion period (2002 - 2020), it expanded the installed capacity of wind and photovoltaic power. In the comprehensive energy layout period (2020 - 2025 and later), it provided a combined energy solution and accelerated the construction of a dedicated power - supply network for large - scale data centers in the US [12][13][14]. - The company obtained resource advantages by pre - laying out renewable - energy assets in the early stage of the industry, coped with technological iterations through standardized project development and cost control in the middle stage, and coped with the power scarcity caused by the increase in power consumption by integrating diversified power sources such as nuclear energy, energy storage, and hydrogen energy at the current stage [15]. 3.1.2 Bond - issuing History and Bond - issuing Changes - The bond - issuing process of NextEra Energy Inc. is deeply bound to its strategic main line of "utility foundation - renewable - energy expansion - AI energy infrastructure". The bond - issuing mode has gradually upgraded from the initial regulated - business financing to strategic platform financing [16]. - In the traditional transformation period (1925 - 2002), the financing strategy was conservative, mainly relying on the stable income of the regulated business and bank credit, and only starting to try direct debt financing at the end of the 20th century [16]. - In the scale - expansion period (2002 - 2020), the frequency and scale of bond - issuing increased significantly. In 2019, it issued a 500 - million - Australian - dollar bond to support the expansion of clean - energy production capacity and the modernization of the FPL power grid [17][19]. - In the comprehensive energy layout period (2020 - 2025 and later), bond - issuing showed the characteristics of "large scale, diverse terms, and precise matching of AI scenarios". In 2024, it issued two bonds with a total scale of 3 billion US dollars; in 2025, it issued bonds in multiple batches; in 2026, it issued ultra - long - term floating - rate bonds [20]. - The company's bond - financing strategy matches its business structure. In the scale - expansion period, it uses bond financing to meet the high - capital - expenditure needs of wind and photovoltaic projects; in the comprehensive energy layout period, it focuses on debt - term management [38]. 3.2 Europe: Iberdrola S.A. 3.2.1 Development Path - The development path of Iberdrola S.A. presents three stages: "traditional energy integration - renewable - energy transformation - global clean - energy leadership". It gradually built insurmountable technological and scale barriers through forward - looking strategic bets, continuous capital investment, and a perfect global ecological layout [41]. - In the traditional energy integration period (1992 - 2010), it developed from a Spanish domestic power company to an internationally influential energy group through mergers and acquisitions. In the renewable - energy transformation period (2011 - 2021), it cut fossil - fuel assets and shifted its focus to renewable energy. In the global clean - energy leadership period (2021 - present), it entered a stage of explosive growth and formulated a 58 - billion - euro investment plan from 2025 to 2028 [42][43][44]. 3.2.2 Bond - issuing History and Bond - issuing Changes - The bond - issuing process of Iberdrola S.A. is highly bound to the evolution of its development strategy, going through three stages: "large - scale M&A financing - green transformation and financing maturity - strategic focus and industry - standard leadership" [49]. - In the globalization expansion and diversification layout period (2002 - 2014), bond - issuing mainly served the international M&A strategy, and the bond - issuing rhythm was closely related to major international acquisitions. In 2014, it became the first Spanish company to issue green bonds [49]. - In the green - finance rise and financing - maturity period (2015 - 2020), it bound its financing strategy to the sustainable - development strategy, became a leader in green finance, and significantly reduced the coupon rate of green bonds and perpetual bonds [50]. - In the strategic - focus and industry - standard leadership period (2021 - present), the bond - issuing strategy focused on the strategic growth of core markets and continued to set benchmarks in the green - finance field [51]. - The company's bond - financing strategy is clearly divided into four stages: globalization expansion start and "strategic trial" (2002 - 2008), diversified exploration period (2009 - 2014), green transformation and low - interest - rate dividend period (2015 - 2022), and interest - rate - hike cycle and strategic - focus period (2023 - present) [54][55][56][57].