Endesa has signed a new sustainable loan with the European Investment Bank for €250 million to continue growing in renewables

• Following the signing and disbursement last November 2021 of the first loan linked to sustainability criteria granted by the EIB in Spain, Endesa has further extended its sustainable financing with another €250 million, linking financial conditions to a direct emissions reduction target, in line with United Nations SDG 13, Climate Action. 
• Both operations are included in a framework programme that was signed with the financial division of the European Union and it could well reach a total of €700 million to finance the investments required for the decarbonisation of the company and to reach the target of zero emissions by 2040.
  
• In 2021, Endesa closed the year with 8,300 MW of renewable capacity (+8%) and, according to the strategic plan presented at the end of last year, this will reach 12,300 MW by the end of 2024, with a planned investment of €3,100 million. This means that 63% of mainland capacity and 95% of mainland production will then be of renewable origin. 
  
• By 2030, Endesa is committed to tripling renewable generation (24,000 MW of installed capacity) and for this there is already a portfolio of projects for about 80 GW (63% solar plants; 19% storage projects; and 12% wind farms). There are currently about 2 gigawatts (1,800MW) under construction or in an advanced state of maturity for construction to begin.  
  

Endesa has a further €250 million from the European Investment Bank (EIB) to continue driving the transformation of generation installations in order to reach the target of zero emissions by 2040, ten years earlier than previously announced.  

This loan follows the one signed in November 2021, which marked a milestone as it was the first loan linked to sustainability criteria granted by the EIB in Spain. Just as with the previous operation, the financial conditions for this loan are to a scope 1 direct GHG emission reduction target, that is to say, the emissions resulting Endesa's generation activities. Both operations are included in a framework programme that could amount to a total of €700 million.

For Endesa, having the support of the EIB, the European Climate Bank, is a guarantee of Endesa's firm commitments to complying with the investment plan aimed at achieving total decarbonisation. Endesa is a leader in sustainable finance, with 60% of its gross debt linked to sustainability criteria and with the aim of reaching 80% by the end of 2024. 

According to Luca Passa, General Manager for Finance, "Endesa is a leader in Sustainable Finance in Spain, which is an essential instrument to reach the targets included in our corporate strategy. 100% of our credit lines and bank guarantees include sustainability incentives, and the company played a leading role in a number of significant milestones last year, including signing the first loan with the EIB itself linked to sustainability criteria granted by this institution in Spain"

Move towards decarbonisation

At the end of last year, Endesa presented its latest strategic plan for 2022-2024 to the market, together with a longer-term forecast for the end of the decade. Endesa continues to make steady progress towards meeting its decarbonisation targets. In the short term, the new plan establishes planned investment for the development of renewable power for a total of €3,100 million, which will enable the implementation of 4 gigawatts of new clean power (90% solar plants and the rest, wind farms). 

This means that the company will reach 12.3 GW of solar, wind and hydroelectric power by the end of the plan, an increase of 48% compared to the 8.3 GW at the close of 2021. The increase in renewables will enable 92% of energy production in the Iberian Peninsula to be free of CO2 emissions by the end of 2024, six percent more than at the end of 2021. 

By 2030, Endesa is committed to tripling renewable generation (24,000 MW of installed capacity) and for this there is already a portfolio of projects for about 80 GW (63% solar plants; 19% storage projects; and 12% wind farms). There are currently about 2 gigawatts (1,800 MW) under construction or in an advanced state of maturity for construction to begin.  

About Endesa

Endesa is the largest electricity company in Spain and the second largest in Portugal. The company is also the second largest gas operator in the Spanish market. Endesa operates an end-to-end generation, distribution and marketing business. Through  Endesa X, it also offers value-added services aimed at the electrification of energy usage in homes, companies, industries and Public Administrations. Endesa is firmly committed to the United Nations SDGs and strongly supports the development of renewable energies through Enel Green Power España, the digitalisation of grids through e-distribución, and corporate social responsibility (CSR). The Endesa Foundation is also active in CSR. Our workforce numbers around 9,260 employees. Endesa is a division of Enel, Europe’s largest electricity group.