- Credentials: The €50 million financing line signed with ING links the cost to the ESG rating of the suppliers
ACCIONA Energía has signed with ING its first sustainable financing program dedicated to suppliers. The international confirming line amounts to €50 million and it links the early payment discount rate to the ESG (Environmental, Social and Governance) of each supplier. ESG ratings, evaluating the performance across numerous environmental, social and governance metrics, have become a leading criterion to measure socially responsible investment.
An independent agency will evaluate and review annually the classification of each supplier during the program’s timeframe. The suppliers with the best rating will enjoy better financing costs.
With this financing program ACCIONA Energía will be able to proactively manage the sustainability of its supply chain to incentivize improvement among its suppliers and, at the same time, increase their cash flow and their own sustainability goals.
The financing line is targeted to a limited number of suppliers that are involved in photovoltaic and wind projects in Spain and abroad. The program is expected to be extended to more suppliers in a second phase.
With this initiative, ACCIONA Energía moves forward with its commitment to sustainability, involving its suppliers proactively. This financing mechanism encourages them to be more sustainable and, at the same time, improves their cash flow and reduces their financing costs.
In addition to this line, ACCIONA Energía has other sustainable financing programs, such as syndicated ESG loans and green bonds.
The company earned the global power industry’s top environmental, social and governance (ESG) score in a cross-sector evaluation by S&P Global Ratings in June 2021.