January 29 (Renewables Now) - Spanish utility Iberdrola (BME:IBE) is arranging a EUR-5.3-billion (USD 6.58bn) green loan deal, Reuters said, citing unnamed sources from the banking industry.
The EUR 5.3-billion portion is an amendment and extension of an existing loan, coming after in February last year Iberdrola secured a EUR-500-million green loan from Spain’s Banco Bilbao Vizcaya Argentaria (BBVA). The utility said at the time that the funds will help it finance energy efficiency and renewable energy projects, with the transaction being part of its strategy to ensure that a large portion of its liabilities have “a green format”.
BBVA is also acting as facility and sustainability agent for the EUR-5.3-billion loan, syndicated to around 25 lenders. According to the report, it is the biggest green loan issue by an European company so far.
At the end of September 2017, Iberdrola's installed capacity was about 48 GW, of which 28.8 GW came from renewable energy sources. Among them, onshore wind was the leader with 15.4 GW installed, followed by 12.5 GW of hydropower plants.
The Spanish utility said in November it is building 7,361 MW of capacity to be commissioned by 2020, including 1,412 MW onshore wind, 1,064 MW offshore wind, 336 MW solar and 978 MW hydro.
(EUR 1.0 = USD 1.242)