March 28 (Renewables Now) - Iberdrola (BME:IBE) has signed a EUR-1.5-billion loan (USD 1.7bn) linked to the UN’s 2030 Sustainable Development Goals (SDG), the Spanish utility said Wednesday.
The multi-currency syndicated loan was priced at up to 23.5 basis point above interbank lending rate (IBOR), more favourable than 27.5 basis points charged for Iberdrola’s credit line signed in January 2018. The loan matures in five years, with the possibility of a two-year extension until March 2026, Iberdrola said.
The conditions for the loan are tied to the compliance with two indicators in SDG 7, the UN 2030 goal that pertains to affordable and clean energy.
The indicator 7.1 is related to the universal electricity access, which Iberdrola says is already in line with its own commitment to power 16 million people in emerging or developing countries. The indicator 7.2 in the 2030 UN Agenda applies to the increase of the renewable energy share in total final energy consumption.
The utility’s compliance with the SDGs will be validated by London-based rating and research agency Vigeo Eiris.
(EUR 1.0 = USD 1.13)