Spanish electric utility Iberdrola received its first green loan of €500 million from Spanish banking group, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) for distribution to sustainable energy projects.
"It is the first transaction of this kind to have been completed in the energy sector worldwide, as well as being the highest amount signed so far in this finance category," Iberdrola said.
Green loan provides access to finance or refinance for sustainable or socially responsible projects.
The amount of €500 million obtained by Iberdrola will largely be allocated to projects linked to energy efficiency and renewables, the company said.
In a similar act, since April 2014, the company has completed four issuances of green bonds, created to fund projects that have positive environmental or climate benefits, and was the largest issuer worldwide in 2016.
By Zeynep Beyza Kilic