SUSTAINABLE FINANCE AS A DRIVER FOR IMAPCT
Since 2005, ACCIONA has placed sustainability at the heart of the company and its business model. As a result, the ACCIONA Group has positioned itself as one of the major greenfield developers and operators of renewable energy and infrastructure assets of the world, providing solutions to some of the most pressing challenges faced by sustainable development.
The Group´s commitment is to exclusively develop sustainable infrastructure solutions and maximise the potential regenerative impact of each additional energy and infrastructure project beyond the ‘business as usual’.
ACCIONAs sustainable finance strategy, aims to align the financing activity of the Group more closely with this commitment through Green and Sustainability-Linked financing instruments that directly contribute to increase the positive impact of ACCIONA’s investments.
SUSTAINABLE FINANCE REPORT
ACCIONA annually fulfills its commitment, as stated in its Sustainable Impact Financing Framework to report on the issuance of green and sustainability-linked instruments, allocation of net proceeds, associated impacts, and compliance with the local impact indicators set by the Group. ACCIONA intends to improve transparency by going one step further than the standard market reporting, by increasing investors understanding of the impact of its financing activities through transparent, verified and detailed reports.
SUSTAINABLE IMPACT FINANCING FRAMEWORK
Since 2019, ACCIONA has had a Green Financing Framework and since 2021 a Sustainability-Linked Framework.
In 2023, a new Sustainable Impact Financing Framework has been developed covering both green Use of Proceeds (UoP) and Sustainability-Linked financing instruments and introduces a new Local Impact feature that when combined with either type of instrument results in a ‘Dual Impact’ structure.
The new framework builds on leading practices in green finance, such as the International Capital Markets Association (ICMA) Green Bond Principles (GBP) and the Green Loan Principles (GLP) administered by the Loan Market Association, and is aligned with the draft European Union Green Bond Standard (EU-GBS). DNV has reviewed and issued its opinion on the compliance of the new framework with these standards.
The Framework applies to ACCIONA (Acciona, S.A.) and its independently listed and financed subsidiary ACCIONA Energía (Corporación Acciona Energías Renovables, S.A.) and thus, replaces their existing financing frameworks.
2023 SUSTAINABLE IMPACT FINANCING FRAMEWORK
2022 Documents for Sustainability-Linked Instruments
2019 -2021 Documents for Green Instruments
| Green transactions | Amount (million) | Maturity |
|---|---|---|
Bankia Loan AUD 165 MM due December 2022 | USD 165 | Dec-21 |
Schuldschein EUR 155 MM | EUR 155 | Various |
XS1737529468 EUR222.7 M due October 2021 | EUR 222.7 | October-21 |
XS2036691868 EUR 66.4 M due August 2026 | EUR 66,4 | August-26 |
NSV EUR 50 M due October 2034 | EUR 50 | October-34 |
Syndicate facility (Chile) USD 200 M due October 2024 | USD 150 | October-24 |
Schuldschein EUR 167 M | EUR 167 | Various |
Unicredit Loan EUR 50 M due January 2022 | EUR 50 | January-20 |
XS1684805556 EUR 65 M due December 2030 | EUR 65 | December-30 |
XS1525867104 EUR 22 M due November 2031 | EUR 22 | November-31 |
XS2122902468 EUR 50 M due February 2024 | EUR 50 | February-24 |
NSV EUR 30 M due March 2035 | EUR 30 | March -35 |
ACCIONA reports annually on the projects to which the financing instruments for the sustainable agenda received are assigned. In compliance with its green financing framework, the company has requested an independent review of the impact indicators of these projects. The instruments, projects and associated indicators, as well as the independent assurance report, regarding the funds received until December 31 2019, are published in Annex II of the Integrated Report 2019.
| "ESG" Transactions | Amount (million) | Maturity |
|---|---|---|
Chile Bilateral Loan USD 30 M | USD 30 | May-20 |
Sindicate Loan EUR 2,200 M -Tranche C | EUR 260 | July-22 |
Sindicate Loan EUR 675 M | EUR 675 | February-24 |
Sindicate Loan EUR 1,300 M | EUR 1.300 | May-24 |
Sindicate Loan EUR 2,200 M -Tranche D | EUR 1.440 | July-24 |
EUROPEAN TAXONOMY OF ENVIRONMENTALLY SUSTAINABLE ECONOMIC ACTIVITIES
ACCIONA’s sustainable activities are considerably aligned with the EU taxonomy requirements and are especially focussed on mitigating and adapting to climate change, whether this is in the area of renewable energy, construction, water management, transport, housing, or any of its other technical capacities.
The proportion of eligible economic activities according to the taxonomy in 2022 was:
- Turnover: 51.11% elegible
- OpEx: 63.28%% elegible
- CAPEX: 86.29% elegible
On the other hand, the percentage of taxonomy-alignment out of the eligible figure of ACCIONA’s activities in 2022 is as follows:
- Turnover: 77.46% alignment with eligible figure.
- OpEx: 89.23% alignment with eligible figure
- CAPEX: 97.96% alignment with eligible figure
Decoding the EU Taxonomy
Values within the requeriments set by the EU
83 %
EBITDA
58 %
REVENUES
93 %
Capex
Active sustainability
UNDERSTAND EUROPEAN TAXONOMY, A CRUCIAL TOOL FOR DECARBONISING THE ECONOMY
What is European taxonomy and why will it be key to a resilient and sustainable economic recovery? This is how the European Union Taxonomy was conceived, whose use in response to the impact of the pandemic will help the various financial agents to identify the risks as well as the opportunities behind sustainable investment.