- Press Releases
May 27 (Renewables Now) - Spanish group Acciona SA (BME:ANA) said Wednesday that it has closed a multi-billion-euro syndicated loan agreement to ensure financial independence of its soon-to-be-listed renewables subsidiary following the initial public offering (IPO).
The group said it expects to complete the IPO of Corporacion Acciona Energias Renovables (Acciona Energia) in the first half of 2021.
On Wednesday, Acciona announced that Acciona Energia signed a financing agreement for a total of EUR 2.5 billion (USD 3.05bn) in three tranches -- two three-year loans of EUR 1 billion each and a five-year revolving credit line capped at EUR 500 million. Acciona Energia will use a portion of the funds to pay the outstanding debt to the parent company.
The financing for Acciona itself amounts to EUR 800 million in two tranches -- a EUR-200-million loan and a EUR-600-million revolving credit line.
The money from both arrangements can be drawn once certain conditions are met, including the admission of Acciona Energia shares to trading, the group said.
The environmental, social and corporate governance (ESG) criteria were incorporated in both agreements.
A syndicate of 23 banks participated in the financing: BBVA, BNP Paribas, Bank of America, Caixabank, Citibank, Crédit Agricole, Goldman Sachs, ING, Intesa, JP Morgan, Kutxabank, Mizuho, Morgan Stanley, Natwest, Royal Bank of Canada, Banco Sabadell, Banco Santander, Société Générale, UniCredit, Bankinter, HSBC, ICO and MUFG.
(EUR 1.0 = USD 1.220)