/ Vigeo Eiris provides the Spanish electric utilities Red Eléctrica España S.A. ‘”REE” with its ESG score for an innovative green credit
Enterprise News - 05/01/2018
Vigeo Eiris provides the Spanish electric utilities Red Eléctrica España S.A. ‘”REE” with its ESG score for an innovative green credit
The operation is the first syndicated green revolving credit facility in Spain, and the amount of 800 million euros will finance the company's general needs.
The Spanish bank BBVA, acting as “Green Agent”, cooperated with REE to link the interest margin of the credit to the company’s ESG rating provided by Vigeo Eiris. This will be a way to directly align the financing cost to the sustainability performance of the company.
This pioneer green credit in Spain may boost the European market in terms of integration of ESG criteria in new types of financing operations, and encourages corporates and banks to take the ESG performance into consideration in credit facilities.