Iberdrola signs US$ 400 million green loan to refinance three wind farms in Mexico
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Spain-based utility company, Iberdrola, announced it has signed, through its subsidiary, Iberdola Mexico, the first green loan in the country by a Latin American country. This loan for US$ 400 million has a five-year term, which can be extended for another two years, and was signed with ten relationship banks, with BBVA acting as the administrative agent bank and BBVA Bancomer the global coordinator and green agent bank.
According to Iberdrola, the conditions granted to the company are highly beneficial and the funds will finance socially responsible projects in accordance with the sustainable nature of the loan. The group will allocate the US$ 400 million to refinance the construction of three windfarms in Mexico.
The deal follows a list of milestones by Iberdrola in sustainable funding, like becoming the first utility company in the world to sign a green loan last year and the first Spanish company to issue a green voucher in April 2014.
The green category was certified by the independent agency Vigeo Eiris, which makes sure that the resources are used correctly, in line with Green Loan Principles.
“With this transaction, Iberdrola reaffirms its commitment to Mexico, where it is the leading private electricity producer and where it forecasts reaching more than 11,000 megawatts in installed capacity at the end of the period, in line with the group's 2018-2022 Strategy Perspective, generating more than 20% of the power that Mexico will consume by then,” said the company in a statement.