Spanish infrastructure company ACCIONA has secured sustainable financing worth €300 million. According to the multinational, this financing will fund projects aimed at reducing carbon emissions and fostering sustainable growth in the Gulf Cooperation Council (GCC) area.
The financing is structured as a green loan, which is aligned with ACCIONA’s Sustainable Impact Financing Framework, the company said in a statement this week.
The proceeds will be allocated to projects related to renewable energy and sustainable water management initiatives, and will be aligned to the EU Green Taxonomy.
According to the company, the margin of the financing is linked to a local impact initiative aimed at boosting sustainable construction by supporting local suppliers in developing and producing reduced or zero-carbon building materials such as cement, steel, and concrete.
“This financing underscores ACCIONA’s strength in diversifying its funding sources while reaffirming our commitment to leading the development of low-carbon solutions in the GCC”, said José Ángel Tejero, Chief Financial and Sustainability Officer of ACCIONA. “We appreciate the support of the banks involved in this transaction and we are proud to deliver the region’s first Green Loan with Local Impact financing. Our goal is to continue integrating sustainable structures into our corporate debt.”
ACCIONA’s Middle East portfolio spans the UAE, Saudi Arabia, Qatar and Oman. This regional portfolio includes desalination projects in the UAE, Qatar and Saudi Arabia.
The multinational conglomerate has also worked on wastewater treatment projects in Saudi Arabia, while in the UAE, it was involved in Dubai Metro Route 2020. The metro extension project obtained LEED Gold certification for seven metro stations.
“We’re delighted to provide ACCIONA with this Green Loan to support the energy transition in the Gulf Cooperation Council countries”, said Caroline Eber-Ittel, CEO – France and Head of Banking and Coverage Europe at Standard Chartered, which acted as one of the Green Loan Coordinators on the financing. “It is also a reflection of Standard Chartered’s expertise in finding opportunities and structured solutions that meet our client’s sustainability ambitions, and our commitment to mobilise $300 billion of sustainable finance by 2030.”
First Abu Dhabi Bank also acted as Green Loan Coordinator, with SFI Markets as Arranger of the Financing, and Dentons as Legal Counsel.