Iberdrola, along with ICO, Sabadell, and HSBC, has secured a syndicated green loan of €500 million to finance 897 MW of renewable energy projects in Italy, the United States, and Australia. The loan, insured by Cesce through its Green Investment Policy, is supported by the Spanish State with assistance from the Internationalization Risk Reserve Fund, part of the Spanish Ministry of Economy, Trade and Enterprise.
The green loan, which has a 15-year repayment period, aims to diversify Iberdrola's financing sources. This is the first loan targeting renewable energy projects that ICO will finance with Next Generation funds, as part of the second phase of the Recovery Plan.
Under the “ICO-Verde” programme, the funds will be used for wind, solar, and battery storage projects, with the financed capacity expected to become operational between 2025 and 2026. This initiative will enhance Iberdrola's renewable energy portfolio and support its goal of investing €41 billion between 2024 and 2026 in networks, renewables, and storage to drive the electrification of the economy.
Iberdrola's total loans covered by Export Credit Agencies (ECA) now exceed €2.5 billion. ECAs manage credit and investment insurance on behalf of states, covering political, commercial, and extraordinary risks associated with internationalization.
HSBC coordinated the loan operation. Cesce's Green Investment Policy ensures that the funds meet the requirements of the EU Taxonomy or Annex I of the OECD Consensus, covering risks for Spanish companies or their foreign subsidiaries involved in green projects abroad.
This loan contributes to Iberdrola's strategy of diversifying its financing sources, which include capital markets, financial institutions, development banks, and Export Credit Agencies.
