Iberdrola secures EUR-500m loan to finance foreign renewables

Iberdrola SA (BME:IBE) has obtained a EUR-500-million (USD 499.8m) syndicated green loan from CaixaBank (BME:CABK) and BNP Paribas SA (EPA:BNP), with credit insurance provided by the Spanish export credit agency, also known as Cesce.

The Spanish utility announced the signing of the 15-year loan on Monday, saying it will use the funds to finance wind and solar photovoltaic (PV), as well as battery and transmission grid projects in the UK, Ireland, Portugal and Poland.

In addition to being financiers, CaixaBank and BNP Paribas were exclusively in charge of the structuring, management, coordination and underwriting of the facility. They both served as mandated lead arrangers, bookrunners and sustainability coordinators, while CaixaBank alone also acted as agent and export credit agency coordinator.

Iberdrola noted that the signing of this loan is the first operation under Cesce's new Green Investment Policy.

(EUR 1 = USD 1.000)

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