Sustainable finance

The group's financing strategy is aimed at providing the most efficient solutions both in terms of economics as well as with respect to creating a positive impact.

Regarding sustainable financing, taking into consideration market conditions and business strategy at any point in time, the company is using two alternative formats: one format in which the use of funds is committed to specific areas or objectives within the sustainable agenda, and the other format where the determination of the financing cost is linked to ACCIONA's sustainable performance improvements.

Financing the sustainable agenda

At present, this format of financing, whether sourced from the capital markets or the banking market, involves the commitment to invest the funds raised in projects that contribute directly to the achievement of objectives linked to the sustainable agenda. These investments are mainly related to the development of renewable energy, access to water and sanitation, infrastructure for sustainable mobility or circular economy, and adaptation to climate change.


The company develops business opportunities capable of generating interest in the investment market. Given this growing interest, ACCIONA has developed in 2019 a new green financing framework - reviewed by Sustainalytics - that expands the portfolio of eligible green projects, compared to the previous framework - also reviewed by Sustainalytics -, based on the contribution of the company to a low carbon economy.


The financing transactions in this format are carried out under a framework, consistent with the with the European Union Green Bond Standard (EU-GBS) produced by the EU Technical Expert Group (TEG) on Sustainable Finance (June 2019). The EU-GBS is a voluntary standard proposed to issuers that wish to align with best practices in the market. It is designed to be globally relevant and accessible to issuers located both inside and outside the EU. It builds on market best practices such as the Green Bond Principles (GBP) published by the International Capital Markets Association (ICMA) and the Green Loan Principles (GLP) administered by the Loan Market Association (LMA).


ACCIONA’s Green Financing Framework has been reviewed by Sustainalytics, which issued a Second-Party Opinion confirming the alignment of the Framework with the Green Bond and Green Loan Principles.



    Green transactionsAmount (million)Maturity


    Bankia Loan AUD 165M

    AUD 165


    ING Loan AUD 100M

    AUD 100


    Bankia Loan USD 55 M

    USD 55


    Unicredit Loan EUR 50 M

    EUR 50


    Sydicate facility (Chile) USD 200 M

    USD 150



    XS2327979675 due April 2025

    RON 62


    XS2327979758 due April 2026           

    PLN 80


    XS2327979832 due April 2027           

    PLN 25


    XS1684805556 due December 2030

    EUR 118


    XS2060619876 due October 2021

    EUR 171.7


    XS2036691868 due August 2026

    EUR 174


    XS1525867104 due November 2031

    EUR 40


    XS2122902468 due February 2024

    EUR 139.8


    XS2202837121 due July 2023

    USD 30


    XS2248078136 due October 2035

    EUR 92


    XS2267085616 due December 2039

    EUR 120


    XS2300169419 due February 2028

    EUR 19


    XS2309352891 due March 2031

    JPY 10,000


    XS2318337149 due March 2027

    EUR 50


    Other transactions

    Schuldschein 2016

    EUR 78.5


    NSV due October 2034

    EUR 50 


    Schuldschein 2019

    EUR 167


    NSV due March 2035

    EUR 30


    Private Schuldschein

    EUR 40


    ACCIONA reports annually on the projects to which the financing instruments for the sustainable agenda received are assigned. In compliance with its green financing framework, the company has requested an independent review of the impact indicators of these projects. The instruments, projects and associated indicators, as well as the independent assurance report, regarding the funds received until December 31 2019, are published in Annex II of the Integrated Report 2019.

    Financing with improvement ESG objectives

    This format of financing incorporates in its economic conditions objectives of improving ACCIONA's sustainable performance, across environmental, social and governance (ESG) dimensions. The fulfillment of these objectives is periodically evaluated by international rating agencies, or in the case of specific indicators, by independent auditors.



      "ESG" TransactionsAmount (million)Maturity

      Chile Bilateral Loan USD 15 M + CLP 10,000 M

      USD 30 


      Sindicate Loan EUR 2,200 M - Tranche C

      EUR 260 


      Sindicate Loan EUR 2,200 M - Tranche D

      EUR 1,440 


      Sindicate Loan EUR 675 M

      EUR 675 


      Sindicate Loan EUR 1,300 M

      EUR 1,300 



      In 2019 ACCIONA also classified its activities in accordance to the criteria established for the European Union taxonomy of sustainable finance, confirming that 93% of CAPEX, 83% of EBITDA 7 and 58% of the company's sales meet the established requirements. It was also the first company to publish its degree of alignment with the exacting parameters established in the taxonomy.

      The low-carbon taxonomy is a tool devised by the European Commission in order to help investors, companies, issuers and project developers to navigate the transition towards a low-carbon economy in a more efficient way. The taxonomy establishes performance thresholds (known as "technical screening criteria") for economic activities that:

      • Substantially contribute to one of the six environmental objectives
      • Do no significant harm (DNSH) to other environmental objectives;
      • Comply with minimum safeguards (for example, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights).

      The EU taxonomy is one of the most significant developments in sustainable finance and it will have far-reaching implications for investors and issuers working in the EU and beyond.

      Values within the requeriments set by the EU

      83 %


      58 %


      93 %


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