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 Energía'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 Group has developed in 2019 a green financing framework - reviewed by Sustainalytics - that expands the portfolio of eligible green projects, 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 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.
ACCIONA Energía will report annually on the projects to which the financing instruments for the sustainable agenda received are assigned. In compliance with the corporate green financing framework, the company will request an independent review of the impact indicators of these projects. The instruments, projects and associated indicators, as well as the independent assurance report, will be published in ACCIONA Energía’s corporate website.
Financing with improvement ESG objectives
This format of financing incorporates in its economic conditions objectives of improving ACCIONA Energía'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.
To this end, ACCIONA ENERGÍA has a Sustainability-Linked Financing Framework, reviewed by DNV GL, which issued a second-party opinion (SPO) confirming its alignment with the Sustainability-Linked Bond Principles published by the International Capital Markets Association (ICMA) and the Sustainability-Linked Loan Principles administered by the Loan Market Association (LMA).
The Sustainability-Linked Financing Framework has been structured on the basis of an innovative "double impact" ESG scheme that links the cost of financing to the achievement of corporate sustainability objectives and - for the first time - to commitments to generate positive local impact.
|"ESG" Transactions||Amount (million)||Maturity|
Syndicate ESG Loan EUR 2,500 M ACCIONA Energía
ACCIONA Energía awarded top ESG score in power sector by S&P
ACCIONA Energía has received the global power industry’s top environmental, social and governance (ESG) score in a cross-sector evaluation by S&P Global Ratings. ACCIONA Energía, with its exclusive focus on renewable energy, scored 86 out of 100 points in its ESG evaluation, making it an industry leader as well as the fifth-ranked company across all sectors worldwide.
S&P Global Ratings’ ESG evaluation is a comprehensive assessment of a company’s preparedness to meet future risks and opportunities linked to ESG factors, such as climate change, regulatory risk and reputational issues. ACCIONA Energía’s top ESG score in the power industry reflects its position as the largest 100% clean energy company in the world, with a successful track record in innovations and research collaborations in green technologies that position the company at the forefront of the low-carbon transition.