Endesa agrees its first lines of sustainable guarantees for €630 million with Deutsche Bank, Santander and BNP Paribas

Construction of a wind farm.
Construction of a wind farm.
  • The energy company is linking its financial agreements with these three entities to achieving a certain percentage of renewable production capacity on the Iberian Peninsula by December 2021..
  • Endesa is taking its first steps to link all its lines of guarantee to sustainability objectives during the next year.
  • A total of 45% of the gross debt of the electricity company will be linked to sustainability objectives by the end of 2020. The 2021-2023 strategic plan sets out to increase this percentage to 60% by the end of the period.

Endesa has taken another significant step by linking its financial operations to the sustainability objectives that guide the operation of the company as a whole. The company has recently closed agreements for guarantee lines with Deutsche Bank, Santander and BNP Paribas for a total amount of €630 million. All these agreements include ESG (Environmental, Social and Governance) sustainability clauses. Endesa has arranged with all three banks to reach a percentage of peninsular generation with renewable technologies of 50% of the total by the end of 2021.

These are Endesa’s first lines of guarantees with clauses linked to sustainability objectives, which will strengthen its commitment to the decarbonisation objectives and the commitment of the financial entities with which it works. The company intends to ensure that all its operations with guarantees are linked to sustainability throughout 2021.

The guarantee lines support the issuance of the guarantees that are regularly required by the ordinary operations of the group in any field. They protect all subsidiaries controlled 100% by Endesa. The company currently has about 10,500 guarantees for a total amount of nearly €3 billion.

By the end of 2020, Endesa aims to have 45% of all its gross debt linked to sustainability objectives. The company’s 2021-2023 strategic plan elaborates on this strategy and sets the objective of raising this percentage to 60% at the end of the period.

The agreement with Deutsche Bank, Santander and BNP Paribas joins other financial operations linked to sustainable indicators (KPIs) carried out by Endesa throughout this year. Among them is the first corporate European promissory note arrangement (Euro Commercial Paper) linked to Sustainable Development Goals to a maximum amount of up to €4 billion, registered in Spain and supervised by the CNMV. It has also closed syndicated transactions worth €550 million in order to strengthen its financial situation whose terms are also linked to sustainability objectives.

 

About Endesa

Endesa is the leading electricity company in Spain and the second largest in Portugal. It is also the second largest gas operator in the Spanish market. It is an integrated business operation that encompasses everything from generation to marketing, and through Endesa X it provides added value services aimed at decarbonising the energy used in homes, companies, industries and government agencies. Endesa is firmly committed to the United Nations SDGs and as a result decisively promotes the development of renewable energies through Enel Green Power Spain, the electrification of the economy and Corporate Social Responsibility. We also work in the latter area through the Endesa Foundation. We have around 10,000 employees. Endesa is part of Enel, the largest electricity group in Europe.

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