Grenergy, the renewable energy producer and specialist in the development, construction and management of photovoltaic and wind projects, has registered on the Spanish alternative fixed Income market (MARF) the first green notes program by a Spanish company, which will have a maximum outstanding balance of 100 million euros.
As the company informed the regulatory body today, the operation has counted with Bankinter, S.A. as lead arranger, dealer and payment agent; and with Bestinver Sociedad de Valores, S.A. and Banco Sabadell, S.A. as dealers.
Grenergy becomes the first Spanish company - and also one of the first worldwide - to issue a green notes program in a financing framework aligned with the Green Bond Principles 2021 of the International Capital Market Association (ICMA) and the Green Loan Principles 2021 of the Loan Market Association (LMA).
This financing optimizes the company's financial structure, improving its positioning in the fixed-income markets and achieving significantly lower capital costs than traditional bank debt.
Sustainalytics evaluates the green rating of the note program
The leading green, social and sustainability bond review agency, Sustainalytics, has already anticipated in a report the positive impact on the environment of the use of these funds and has evaluated the credibility of Grenergy's green financing framework, as well as its alignment with international standards, considering that the listed company "has the appropriate measures in place to identify, manage and mitigate the environmental and social risks associated with renewable energy projects".
With the registration of this new transaction, which is in addition to the issuance of the first green bond program in the history of the MARF that the company carried out in 2019, Grenergy strengthens its leadership in the area of sustainable financing.
According to David Ruiz de Andrés, CEO of Grenergy, "this transaction allows us to finance ourselves at a reduced cost of capital, thus improving the company's competitiveness and once again becoming a pioneer in green financing in the Spanish
capital market."
