The progress made by Red Eléctrica in terms of sustainability, as well as in the financial field, has allowed the Company to reduce the cost of its syndicated loan, thanks to the improvement obtained in the rating granted by the sustainability assessment agency Vigeo Eiris.
In December 2017, Red Eléctrica was the first company in the utilities sector to transform its syndicated loan (€800 million) into sustainable financing (‘green financing’) by adding environmental, social and good governance (ESG) criteria to the applicable interest rate. Since then, the terms and conditions of the loan have thus been linked not only to the credit profile of the Company, but also to the evolution of ESG parameters based on the rating of Vigeo Eiris.
One year after this transformation, the results obtained show Red Eléctrica's strategic commitment to sustainability, through responsible and transparent economic-financial management. The goal of this commitment is to contribute to economic, social and environmental development, as well as to promote progress and social well-being in those areas where the Company’s facilities are located.
This result has been possible thanks to the collaboration of the eight financial entities participating in the loan: BBVA, Banco Santander, Barclays Bank, BNP Paribas Fortis, CaixaBank, Citibank Europe, ING Bank and The Bank of Tokyo-Mitsubishi, with BBVA being the agent bank.
According to Red Eléctrica’s Chief Financial Officer, Teresa Quirós, "these results reinforce the commitment of the Red Eléctrica Group to sustainability at a strategic and cross-cutting level, and with a long-term vision."
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