Vigeo Eiris second party opinion on the first green loan with a project finance structure worldwide signed by Terna with the Inter-American Development Bank (IDB) and Banco Bilbao Vizcaya Argentaria (BBVA)
With a total amount of USD 81 million, the funding has been structured into a loan A for 56 million dollars awarded by the Inter-American Development Bank (IDB) and a loan B for 25 million dollars entirely subscribed by BBVA
The proceeds of the loan issued by Terna, the largest independent transmission system operator in Europe, will be used to finance a project consisting in the design and construction of a 213 kilometers long transmission line of 500kv connecting the converter located in Melo with the future substation located in Tacuarembó in the north-east of Uruguay. This project is commissioned by the Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), Uruguay’s state-run electric utility.
Vigeo Eiris evaluated this green loan and provided its independent opinion on the sustainability credentials and management of the Green Loan to be granted to a special purpose vehicle established by Terna according to Vigeo Eiris’ Environmental, Social and Governance (ESG) assessment methodology and aligned with the “Green Bond Principles”.
With this operation, Terna, IDB and BBVA contribute to the development of green finance and the achievement of the sustainable development goals (SDGs) defined by the United Nations
Environment, GREEN, Green bonds, Methodology