BBVA announced on Tuesday it has signed a €1.35 billion sustainable linked guarantee facility with financial tool Enel Group. According to BBVA, the facility is the largest by valued signed by Enel to date.
“The economic conditions of this guarantee facility are linked to a sustainable indicator, specifically Enel group’s share of renewable productive capacity. Thus, the guarantees issued by BBVA in the interest of Enel and its subsidiaries will include the promotion of sustainability-related initiatives and actions.”
BBVA also stated that the transaction is aligned with the sustainable financing strategy that Enel has been implementing for the past two years.
“As a sign of its firm commitment to the fight against climate change, in 2018 BBVA approved its Pledge 2025, pursuant to which it has already mobilized €50 billion of the €100 billion target set through 2025 in green financing, sustainable infrastructure, social entrepreneurship and financial inclusion. The bank has the capacity, knowledge and experience to provide its clients superior advisory services for sustainable financial solutions and is playing a key role in developing this market.”
BBVA went on to add that it launched a new range of products (confirming and deposit facilities) under this framework, which includes a new angle to certify products as sustainability-linked. In 2020, the company has signed 41 sustainable transactional banking transactions for a total of €1,574 million.