Vigeo Eiris provided second-party opinions for the sustainability-linked Commercial Paper Programme of Enel and its subsidiary Endesa
Vigeo Eiris has provided Second Party Opinions for Enel’s “Sustainable Development Goal (SDG) 7 [Affordable and Clean Energy] Target Guaranteed Euro-Commercial Paper Programme” and its subsidiary Endesa’s “SDG 7 Euro-Commercial Paper Program."
Enel and Endesa are including one environmental factor in a Commercial Paper Program (6 billion for Enel and 4 billion for Endesa).
Vigeo Eiris (VE) provided an independent opinion on the integration of one environmental factor in the CPP structured by the companies:
Enel’s KPI: Renewable net efficient installed capacity in total net efficient installed capacity (GW)
Endesa’s KPI: Renewable mainland installed net capacity in total mainland installed net capacity (GW)Vigeo Eiris is of the opinion that these transactions are aligned with the four core components of the Sustainability Linked Loan Principles (2019). In particular, VE has analysed the KPI’s materiality (the relevance and materiality of the KPI from a sustainability standpoint) and its ambition (the ambition of the numerical target set by the borrowers compared to international standards and to sector peers)
Vigeo Eiris has participated in sustainability-linked financing for more than 20 corporates in Europe, Americas and Asia, either to provide borrowers with their annual ESG score or as second-party opinion provider to assess the relevance of the KPIs (KPI-linked mechanisms).
Enel and Endesa (Enel’s subsidiary) are leading electricity and gas utility companies operating in Europe. Both companies are engaged in electricity and gas generation, distribution and sale.