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.
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 TRANSACTIONS||Amount (million)||Maturity|
|Schuldschein EUR 155 M||EUR 155||various|
|Bankia Loan USD 55 M due May 2020||USD 55||may-20|
|XS1737529468 EUR 59M due October 2021||EUR 59||oct-21|
|XS2036691868 EUR 66.4 M due August 2026||EUR 66.4||aug-26|
|NSV EUR 50 M due October 2034||EUR 50||oct-34|
|Syndicate facility (Chile) USD 200 M due October 2024||USD 150||oct-24|
|Schuldschein EUR 167 M||EUR 167||various|
|Unicredit Loan EUR 50 M due January 2020||EUR 50||jan-20|
|BBVA Loan EUR 100 M due April 2020||EUR 100||apr-20|
|XS1631427322 EUR 17 M due June 2020||EUR 17,9||jun-20|
|XS1684805556 EUR 65 M due December 2030||EUR 65||dec-30|
|XS1525867104 EUR 22 M due November 2031||EUR 22||nov-31|
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" TRANSACTIONS||Amount (million)||Maturity|
|Chile Bilateral Loan USD 30 M||USD 30||may-20|
|Sindicate Loan EUR 2,200 M -Tranche C||EUR 260||jul-22|
|Sindicate Loan EUR 675 M||EUR 675||feb-24|
|Sindicate Loan EUR 1,300 M||EUR 1,300||may-24|
|Sindicate Loan EUR 2,200 M -Tranche D||EUR 1,440||jul-24|