Spain’s Official Credit Institute (ICO) has provided Repsol with a €300m loan backing its strategy to achieve net zero emissions by 2050.
This financing, linked to sustainability criteria, focuses on the transformation of Repsol’s industrial facilities into multi-energy hubs, capable of generating products with a low, zero or even negative carbon footprint, based on innovation, circular economy and its commitment to lead the production of renewable fuels and renewable hydrogen.
The investments financed with this loan will specifically contribute to Repsol’s continued progress in the decarbonisation and transformation of its industrial complexes in the Iberian Peninsula: A Coruna, Bilbao, Tarragona, Puertollano and Cartagena in Spain and Sines in Portugal.
During the loan signing in Madrid, the ICO Chairman Jose Carlos García de Quevedo, said: “With this operation, ICO strengthens its commitment to sustainable finance to promote the ecological transition and the environmental, social and governance (ESG) sustainability of the Spanish business fabric, as established in its Strategic Plan 2022-2027.”
Repsol CEO Jon Josu Imaz highlighted: “This loan supports our commitment to industrial transformation, innovation, maintaining industrial business activity and the generation of quality employment.”