CaixaBank will be the Sustainability Coordinator for the €750-million green financing loan that Acciona Energía has arranged, with a banking pool comprising nearly thirty Spanish and international institutions.
The facility has been classified as Green Finance as it “will facilitate working capital for projects in line with the European Union’s Taxonomy Regulation, included under the category of construction and operation of renewable generation facilities.”
The structure is designed according “to the Green Loan Principles and supported by the Sustainable Impact Finance Framework published in June 2023 by Acciona, which has a second-party opinion from DNV.”
The financing term will be of three years, “with the possibility of a further extension of two years.”
This is one of the most “noteworthy” green finance transactions of the year “for the Spanish market, in terms of both the amount and the innovative structure implemented.”
Under Acciona’s Sustainable Impact Financing Framework, the new financing incorporates a local impact indicator “through which companies commit to planting 26,000 trees per year during the financing’s term.”
Acciona Energía has therefore strengthened its commitment “to reforestation as the leading solution to the two phenomena with the greatest impact on land degradation and climate change: desertification and deforestation.”
CaixaBank, an international benchmark in sustainability
Sustainability is a pillar of CaixaBank’s 2022-24 Strategic Plan.
The bank is committed to “mobilising 64 billion euros in sustainable finance over the three-year period. By 30 September 2023, CaixaBank had already reached €43.27 billion, representing 67.6% of the target, positioning itself as an international benchmark in Sustainable Finance.”
As covered last month, the Fitch index has reportedly given CaixaBank an ESG Entity Rating score of 2.
This initiative in the sector is geared towards providing information and advisory services to foster the implementation of sustainability in companies and “support them in processes such as decarbonization and environmental improvement.”
The financial institution has reportedly “trained 150 expert managers of CaixaBank Business with the intention of educating customers on the opportunities offered by sustainability as a driving force in their businesses.”
The plan is aimed at the bank’s corporate customers of different sectors “with a turnover of up to €500 million.”
CaixaBank, the benchmark for companies and key player focused on sustainable financing in Spain, has launched “a plan to promote the green transition of companies interested in implementing sustainability in their businesses.”
This project will reportedly help the bank’s corporate customers tackle challenges “such as decarbonization and environmental improvement.”
