EnBW has signed a syndicated credit line with a facility amount of €1.5bn and an option to increase the facility amount by €500m.
The credit line, provided as a syndicated facility by 18 banks, will replace the existing syndicated credit line that runs out in July 2021.
A new feature ties borrowing costs to EnBW’s sustainability performance so that borrowing costs are reduced or increased according to target attainment on selected sustainability indicators.
There are three selected sustainability indicators: carbon dioxide intensity, percentage of generation capacity accounted for by renewable energy and system average interruption duration index (SAIDI), which tracks electricity grid supply reliability.
Responsibility for the credit line’s coordination was assumed by BayernLB, Banco Bilbao Vizcaya Argentaria (BBVA) and UniCredit Bank.
EnBW said the credit line was “very well received” in the market and “substantially oversubscribed”.
It has an initial term of five years and can subsequently be extended twice over for one year at a time.