• The operation has been classified as Green Finance, as it has been earmarked to facilitate sustainable electricity generation projects.
• It is one of the most noteworthy green lending operations of the year for the Spanish market on both the amount and the innovative sustainability structure implemented.
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.
CaixaBank was recently acknowledged by Global Finance for its ‘Outstanding Leadership in ESG-Related Loans in the World 2023’ and its ‘Outstanding Financial Leadership in Sustaining Communities in Western Europe 2023’, at the magazine’s Sustainable Finance Awards, recognizing the bank’s leadership in the field of financing under environmental, social and good governance criteria.