Banco Santander grants a green loan of 157 million dollars to Grenergy

2023-11-13 10:43:21

Santander Bank has granted a green loan of 157 million dollars (around 147 million euros) to Green energy.

This credit is insured with a Cesce Green Investment Policy on behalf of the State. These policies are aimed at projects that contribute to the fight against climate change.

This financing of Santander Bank It also has a ‘swap’ coverage that covers the green underlying, and links the interest rate to the fulfillment of ESG objectives.

This is a hybrid coverage that combines the use of funds for green projects (‘Green Use of Proceeds’) and the fulfillment of established objectives with respect to specific indicators, following the ‘Sustainability Linked’ format. .

Grenergy wants to use this loan Santander Bank to reinforce its growth plan, linked to energy storage, and which it will detail on November 21 at its first ‘Capital Markets Day’.

David Ruiz de Andrés, the CEO of Grenergy, has expressed his satisfaction at the closing of “a pioneering green financing in the market at such competitive costs.” “These funds are going to play a key role in the growth plans of the company, which has a strong commitment to the battery market,” he added.

Ignacio Domínguez-Adame, head of Santander Corporate & Investment Banking in Europe, has pointed out that this operation is another example of Banco Santander’s commitment “to accompany its clients in the energy transition by providing innovative solutions in ESG matters.”

For her part, Beatriz Reguero, account director of the State of Cesce, has highlighted the entity’s commitment to this type of initiatives, “because at Cesce we want to be part of the green transformation of the Spanish production model, making compatible the commitments of the “fight against climate change by supporting the internationalization of our companies.”