Back 15/09/2022 news

Greenalia registers a 100 million euros green promissory notes program in the Spanish Alternative Fixed Income Market

  • With this program, the company consolidates its position as a pioneer SME in green finance, having rated all of its issued bonds green

Greenalia, the renewable energy producer, has registered a 100 million euros package of green promissory notes in MARF (Alternative Fixed Income Market), with a one year maturity, starting in January 2022. The company has made public through the corresponding relevant event published by BME Growth, that Banco Santander acted as the transaction coordinator and lead arranger and jointly with Banca March as transaction dealers.

With this transaction, the second green promissory note program in the Spanish market, Greenalia advances on the green financing path, consolidating its position as a pioneer SME in this type of green financial sourcing, a framework in which it has issued four bonds, the last one being a 55 million euros one in December 2020 in Spain, rated with the highest score by Standard &  Poor’s rating agency. The previous three were operated in Luxembourg.

Greenalia continues its business development and financial closing, operating within the framework of Green Bond principles promoted by the International Capital  Market  Association (ICMA) and the  Loan Market Association (LMA), organizations that promote development of new ESG (environmental, social & governance) aligned financial practices, aimed at promoting green, environmentally and socially beneficial projects.  All this is also in a framework of increasing transparency and good corporate citizenship principles.

This corporate move is added to the 15 million euros capital increase made two weeks ago by the company. Both transactions are part of the expansion plan in which the Coruña company is immersed that includes a diversified and solid pipeline in five technologies (onshore and offshore wind, solar, storage and biomass) both in Spain and the USA.

Green Assessment

In line with its ESG Policy Book and its Good Governance Manual, Greenalia has submitted its green financing program to a third-party evaluation by Sustainalytics (Morningstar), a leading rating agency for green financing, which has considered that the company’s projects can contribute to the energy transition process in Spain. In this line, the report issued by this independent international agency ratifies that the company’s financial program “is robust, transparent and aligned with the company’s overall sustainability strategy, while contributing to the advancement of Sustainable Development Goal 7 of the United Nations, which includes access to affordable energy, safe, sustainable and modern for all.”

Closing higher in 2021

As the company shared in its financial results presentation, the year-end forecasts are positive, with an estimated Ebitda above 32 million euros, well above the 24 million contemplated for this year in the company’s Strategic Plan.

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