Narrative
Full Description
Project narrative
On November 17, 2023, financial close was reached on a deal in which a syndicate of 29 lenders — including the Bank of China (BOC), China Construction Bank Corporation (CCB), and the Industrial and Commercial Bank of China (ICBC) — entered into a €750.00 million EUR ($813.80 million USD) syndicated green revolving credit facility (RCF) agreement with Acciona Energía Financiación Filiales, S.A.U. — a Spain-incorporated financing wholly-owned subsidiary of Corporación Acciona Energías Renovables, S.A. (Acciona Energía), a Spanish renewable energy based in Madrid and subsidiary of Spanish multinational conglomerate Acciona, S.A. — for refinancing and working capital purposes. This loan carried a maturity period of three years with an extension option of two years and a final maturity date of December 31, 2026. As a green loan, this loan was designed according to the Green Loan Principles and classified as Green Finance because it would facilitate working capital for project in line with the European Union's Taxonomy Regulation. The loan contained a provision obligating Acciona Energía to plant 26,000 trees annually during the term of the financing. The proceeds were to be used by the borrower for refinancing purposes and for working capital purposes, including the construction and operation of renewable generation facilities. Each lender, including BOC, CCB, and ICBC contributed €26.79 million EUR ($29.06 million USD) to the loan syndicate. Record ID#102025 captures BOC's contribution. Record ID#102026 captures CCB's contribution. Record ID#102027 captures ICBC's contribution. In addition to the Chinese state-owned banks, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A., Banca March, S.A., Banco Cooperativo Español, S.A., Banco de Sabadell S.A., Bank of America, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), BNP Paribas S.A., CaixaBank S.A., Commerzbank AG, Crédit Agricole Group, Erste Group Bank AG (Erste Group), Landesbank Hessen-Thüringen (Helaba), HSBC Bank, Ibercaja Banco S.A., Intesa Sanpaolo S.p.A., JPMorgan Chase Bank N.A., Kutxabank S.A., Mizuho Bank, Natixis, National Westminster Plc (NatWest), Coöperatieve Rabobank U.A., Royal Bank of Canada (RBC), Banco Santander S.A., Société Générale S.A. (SocGen), and UniCredit S.p.A.. CaixaBank served as sustainability coordinator.