Greenalia’s Green Financing Framework ranks at the highest level of EthiFinance’s SPO assessment scale

• Greenalia’s 2025 Green Financing Framework is aligned with the ICMA Green Bond Principles and reflects best market practices. EthiFinance also considers the Framework to be consistent with its corporate and sustainability strategy.
• The renewable energy projects to be financed under the Framework are expected to have a positive impact on climate change mitigation and contribute to Sustainable Development Goals 7 and 13.
• The available technologies, sustainability policies, and project oversight ensure a robust level of management of potential risks.
• The purchasing system implemented by Greenalia enhances supplier traceability, which requires compliance with the company’s ethical and social standards.

Greenalia’s 2025 Green Financing Framework (hereinafter, the Framework) has been positioned at the highest rating scale (Best Practice) by EthiFinance, an ESG Rating Agency that has acted as the provider of the Second Party Opinion (SPO), through which the Framework and its alignment with the ICMA Green Bond Principles have been analyzed, concluding that the Framework is consistent with Greenalia’s business and sustainability strategy. The agency also rates Greenalia’s ESG risk management as “Substantial”—on a scale of “Limited,” “Moderate,” “Substantial,” and “High”—thanks to the company’s implementation of robust policies and procedures to manage most material ESG risks.

Projects eligible for financing under the Framework are expected to have a significant impact on climate change mitigation. In this regard, the Framework includes renewable energy projects, including solar, wind, and battery energy storage systems, which could contribute positively to the achievement of the United Nations Sustainable Development Goals (hereinafter SDGs), specifically SDG No. 7, “Affordable and clean energy,” as well as SDG No. 13, “Climate action.”

Likewise, part of the analysis carried out by EthiFinance includes a comprehensive assessment of the expected impact of the projects to be financed. In this regard, eligible projects are expected to generate a positive environmental impact. On the one hand, renewable energy technologies such as solar and wind power are pivotal to decarbonization, which is why both projects have been rated at the highest level of EthiFinance’s assessment scale, known as “High Impact”; while battery energy storage projects improve grid flexibility and support the integration of variable renewable sources, with this type of project being rated “Substantial” on the assessment scale.

Under its Green Financing Framework, Greenalia will issue Green Bonds for €70 million, with a five-year maturity and a fixed interest rate. The issue is aimed at institutional investors and is intended to finance exclusively eligible projects defined in the Framework, reinforcing the company’s commitment to the energy transition.

“This will be the fifth Green Bond that the company has issued since 2017. But Greenalia’s commitment to Sustainable Financing goes beyond this type of issuance, as we classify our project financing (Project Finance) and our Promissory Note Programs as Green Financing,” says Antonio Fernández-Montells, CFO of Greenalia.

 María Cristina Romero, Head of Sustainable Finance for Spain and Portugal at EthiFinance, highlights that “the growth of the local sustainable finance market, through the issuance of sustainable debt, is a clear demonstration of the solid commitment of Spanish companies to sustainability, who structure this type of initiative with a focus on generating value, both in terms of impact and financially. It has been a pleasure to accompany Greenalia in the Second Party Opinion process for its new Green Financing Framework and to evaluate, from an independent and technical perspective, the expected impact of the projects to be financed with the resources to be obtained from the issuance of its Green Bond.”

You can access Greenalia’s 2025 Green Financing Framework here. 

You can access the Second Party Opinion Report here.

About EthiFinance

Headquartered in Paris and with more than 160 employees in Paris, Lyon, Madrid, Granada, and Hanover, EthiFinance is a pioneer in ESG rating, with more than 20 years of experience. The company supports more than 400 clients through its credit rating, ESG rating, research, and advisory services, helping them meet the challenges of an ever-changing economic, financial, and regulatory environment. True to its values, EthiFinance offers a unique and independent European approach to ESG and credit analysis.