Iberdrola’s €500 M green loan
Iberdrola SA has signed an agreement to receive a €500 million syndicated green loan to support its renewable energy projects in the US, Australia and Italy.
by Pero Peric
Image for illustration purposes.
Spain, Madrid: Spanish utility Iberdrola SA has signed an agreement to receive a €500 million ($540.3 million) syndicated green loan to support its renewable energy projects in the US, Australia and Italy. The company has announced that the credit facility will mature in 15 years and will be extended by Spanish public bank and financial agency ICO, Banco Sabadell and Britain’s HSBC, while the debt will be insured by Spanish export credit agency Cesce.
The financing is intended for the utility’s wind, solar photovoltaic (PV) and battery energy storage system (BESS) projects, enabling the use of funds from a diversified funding basket. With the transaction, the company’s total financed renewable capacity will reach 897 MW, expected to go online between 2025 and 2026.
The deal comes just after Iberdrola’s €750 million green bond placement in July and an offering for CHF 335 million of green bonds in Switzerland a month earlier. The company has pledged to invest €41 billion in networks, renewables, and storage between 2024 and 2026 and has previously tapped the European Investment Bank (EIB) and the World Bank to support its targets.
Source: Renewables Now