• As a result of the development of the Framework, Solarpack has green-rated 100 million euros of positions in Transaction Banking products with CaixaBank.
• Solarpack seeks to execute green financing transactions to fund projects that generate a positive impact and accelerate the transition to clean and affordable energy for all.
• Solarpack’s Green Financing Framework has been validated by DNV, which has acted as an independent technical expert.
• CaixaBank, through its ESG advisory service, has helped Solarpack to develop its Green Financing Framework, which integrates Solarpack’s sustainability strategy into its financing policy.
Solarpack has designed a Green Financing Framework in order to integrate its sustainability strategy into the company’s financing policy. To do so, it has been advised by CaixaBank CIB&IB, which as of this year has offered an ESG advisory service for corporate and institutional clients.
The Green Financing Framework lays out how Solarpack intends to execute financial transactions that qualify as green financing, to develop projects that generate a positive impact and accelerate the transition to clean and affordable energy for all, in line with its corporate purpose.
The purpose of the Green Financing Framework is to ensure a positive environmental impact through the company’s financing, pursuant to the Green Bond Principles published by the International Capital Market Association and the Green Loan Principles published by the Loan Market Association (LMA), as applicable in each case. DNV GL Business Assurance España S.L. has been commissioned to ensure the alignment of the framework with these Principles.
“This Green Financing Framework further strengthens our commitment to the environment at an important time when we need to accelerate the energy transition towards a circular and decarbonised economy model,” stated Pablo Burgos, CEO of Solarpack.
Thanks to the efficiency provided by this Framework, Solarpack and CaixaBank have green-rated positions in guarantee facilities and commercial risks, credit accounts and reverse factoring, for a volume of upwards of 100 million euros.
Solarpack also has a total volume of these products of 520 million euros (including the 100 million euros from CaixaBank) and its goal is to rate 1 billion euros as green financing in 2023.
CaixaBank ESG Advisory Service
CaixaBank's ESG advisory service seeks to help its corporate and institutional customers to analyse and establish a sustainable strategy and positioning. With this advisory service, CaixaBank seeks to promote its customers' transition towards neutrality in carbon emissions and guide them through their processes of adapting, understanding and defining sustainable goals in the short and long term. Since the 2015 Paris Agreement, a series of regulatory milestones and a push for sustainability have emerged that focus on the need to decarbonise globally in order to guarantee sustainability at every level. This paradigm shift in order to transition to a carbon-free economy poses an ambitious and complex challenge. CaixaBank, as a financial institution, accepts its role as a conduit of financing and promotes investment in an effort to help its customers transition to carbon neutrality. Through its CIB&IB Structured Finance - Sustainable Finance Department, it makes available an ESG advisory process to its customers to help them develop a comprehensive sustainability plan and adapt their finances to the specific needs of their decarbonisation strategy.
Solarpack is a multinational company specialising in the development, construction, marketing and operation of large-scale solar photovoltaic projects and is present in fast-growing markets in Europe, North America, Latin America, Asia and Africa. Since it was founded in 2005, the company has developed solar PV power plants representing a total capacity of 1,151 MW and has built 894 MW on a turnkey or EPC (engineering, procurement and construction) basis. At present, the company generates energy through 19 projects totalling 671 MW in Spain, Chile, Peru, India and Malaysia. Furthermore, Solarpack operates and maintains 34 plants with a total capacity of 916 MW and provides asset management services for a total of 741 MW of own and third-party projects. Solarpack, based in Getxo, Spain, has a diversified geographic presence and employs more than 350 people in 10 countries.