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Iberdrola secures €2.5 billion of new credit

By: Tom Russell 15/07/2022 Iberdrola

Corporate General Windfarms

Iberdrola has signed with 24 banks of different nationalities a new credit line linked to sustainability indicators for €2.5 billion. The facility signed has a term of five years, extendable for a further two years, and is multi-currency. BBVA acted as agent bank and coordinating bank in sustainability matters.

This new credit line is subject to two sustainability indicators -the reduction in the consumption of water used in power generation and the rating assigned to Iberdrola by the independent agency CDP Water- related to the environmental sphere. Based on compliance, the margin of the operation may be adjusted downwards (if met) or upwards (if not met) on an annual basis.

The transaction signed today is in line with the LMA (Loan Market Association) Sustainability-Linked Loan Principles and has an SPO (Second Party Opinion) from Moody's ESG Solutions.

At the end of March 2022, the group already had green financing or financing linked to sustainability criteria amounting to more than €41 billion, of which more than €16 billion corresponds to green bonds.

The financing responds is aimed to support an investment plan launched by Iberdrola which envisages investments of €75 billion until 2025, aimed at doubling its renewable capacity to 60,000 MW and placing the value of its network assets at €47 billion.

Iberdrola has interested in several operational offshore wind farms in Europe, including Wikinger, East Anglia ONE and West of Duddon Sands. It is currently constructing the Saint-Brieuc offshore wind farm in France and its subsidiary ScottishPower Renewables recently secured consent for the East Anglia ONE North and East Anglia TWO offshore wind farms.

Last week (8 July 2022), ScottishPower Renewables successfully secured Contracts for Difference (CfDs) for 16 renewable energy projects in Scotland, England and Wales through the Allocation Round 4 process – including its first-ever onshore wind and solar PV projects to be supported through the scheme - as well as the East Anglia THREE offshore wind farm.
Iberdrola is also developing further projects in the UK, United States, Germany, France, Sweden, Japan, Poland, Denmark, Taiwan and Ireland.

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Iberdrola secures €2.5 billion of new credit

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