German energy company EnBW has secured a sustainability-linked €500mn loan from three international lfinishers, backed by a guarantee from Italian export credit agency Sace.
EnBW states the seven-year loan, which is provided by BBVA, BNP Paribas and Commerzbank, will assist diversify its financing portfolio and support investment in transforming energy systems.
In line with Sace’s guarantee, which covers 80% of the loan amount, the company will seek out business relationships with Italian suppliers.
The loan has a term of seven years and is priced “in line with the costs that EnBW pays for comparable bond issues on the euro market”, the company states.
It incorporates the same sustainability indicators as those included in the company’s syndicated credit line.
They include reductions in scope 1 and 2 emissions, as well as a “reduction pathway” for scope 3 emissions, which are geared to achieving carbon neutrality by 2035, according to a 2024 statement.
“I am delighted that we are able to further diversify our financing portfolio with this new loan at attractive interest rates,” states Marcel Münch, senior vice-president for finance, M&A and investor relations.
“The sustainability-linked structure of this financing instrument also fits perfectly with our corporate strategy.”
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