Iberdrola, ICO, Sabadell and HSBC have signed a syndicated green loan for €500 million, covered by Cesce through its Green Investment Policy on behalf of the Spanish state.
The loan, which has a 15-year maturity, is guaranteed by the Internationalisation Risk Reserve Fund, attached to the Ministry of Economy, Trade and Enterprise. It is the first aimed at promoting renewable energy projects that the ICO will finance with Next Generation funds in the second phase of the Recovery Plan.
Funds from the operation, as part of the ICO-Verde program, will be used to finance renewable and battery projects in the United States, Australia and Italy. The total renewable capacity financed is slated to reach 897 MW, with the project expected to be operational by 2026.
Cesce, in its role as the Spanish Export Credit Agency, exclusively manages credit and investment insurance on behalf of the State. Its Green Investment Policy covers the risks of credits granted to Spanish companies or their foreign subsidiaries for the financing of projects abroad that are considered green.
