Santander has launched a new platform dedicated to investing in renewable energy projects under development and construction.
The Santander Green Investment platform initiative is led by the lender’s corporate and investment banking division.
Santander has already invested in nine solar and wind projects in Spain, with a combined capacity of around 500MW, as part of the initiative.
Ignacio Dominguez-Adame, head of Santander Corporate & Investment Banking for Continental Europe, said: “The launch of Santander Green Investment is a demonstration of our business prowess and industry knowledge.
“The initiative will help consolidate Banco Santander’s leadership in renewable energy financing and is further evidence of our commitment to the transition to a low-carbon economy.”
Santander has already mobilised €65.7bn in renewable energy financing between 2019 and 2021.
The Santander Green Investment platform has a self-governance model, whereby a special committee approves investments, giving the platform flexibility.
Its investment framework can grant green projects the bank guarantees the projects require and partners with developers with proven experience in renewable energy ventures.
At 2021 year-end, the bank was the highest-ranked bank in renewable energy project finance.
It has also issued three green bonds worth €3bn to date.