Vigeo Eiris provided the Spanish electric utilities Iberdrola with an independent opinion for the largest sustainable syndicated loans ever signed globally
These transactions consist in two sustainable syndicated revolving credit facilities amounting for 5.3 billion euros, the largest to date in terms of green loans on a global scale.
These facilities will finance Iberdrola’s general needs. The Spanish bank BBVA, acting as “Sustainable Agent”, cooperated with Iberdrola to adjust the credit margin to the company’s sustainable performance based on its greenhouse gas emissions intensity.
Vigeo Eiris was commissioned to provide an independent opinion based the review of two components: the consistency of the selected indicator; and the level of ambition of the established variation of this indicator for adjusting the margin.
This innovative credit transaction follows Red Electrica’s operation announced in December 2017 and may announce a new way to directly align the financing cost to the sustainability performance of a company.