CaixaBank and BNP Paribas have signed a €500m syndicated green loan with Iberdrola, backed by Spain’s Export Credit Agency (ECA), Cesce.
The funds will be allocated to finance renewable wind and photovoltaic projects, as well as battery and transmission grid projects in the UK, Ireland, Portugal and Poland.
This is the first operation under Cesce’s new Green Investment Policy, aimed exclusively at financing climate-related investment projects by Spanish companies outside Spain.
Total renewable capacity under this placement is expected to reach 650MW. It will also enable the renewal and development of the UK’s transmission networks with the aim of achieving net zero in the UK by 2050.
The loan has a maximum term of 15 years.
Spanish Secretary of State for Trade Xiana Mendez highlighted that “this operation reflects the commitment of Spain’s Government to the objectives of the Paris Agreement and to achieving a net zero economic model by 2050, recasting Cesce’s portfolio towards the fight against climate change”.
Fernando Salazar, Chairman of Cesce, said: “This agreement is very significant for the insurer, firstly because it is an example for other companies and financial institutions, and also because it shows that we have created products aimed at sustainable projects that provide real solutions in favour of a more conscious and responsible economic activity”.