ACCIONA has signed a €100 million (US$109 million) "green loan" with BBVA to partially fund its photovoltaic and wind energy projects in Chile.
"Green loans" are regulated under the same criteria as "green bonds": an independent auditor certifies the contribution to sustainability by the projects they fund. The long-term loan, one of the first awarded to a Spanish company, is entirely funded by BBVA and structured as a green instrument, certified to conform to the Green Bond Principles by Vigeo Eiris, an independent rating and research entity in the area of ESG (Environmental, Social and Governance).
Vigeo Eiris considers that ACCIONA's photovoltaic and wind project in Chile are sustainable, mitigate change and contribute to the UN Sustainable Development Goals of "Affordable and clean energy" and "Responsible consumption and production".
In 2014, Chile's National Energy Commission (CNE) awarded a contract by competitive tender to ACCIONA Energy Chile to supply 600 GWh/year for 15 years to Chilean electricity distributors in the Central Interconnected System (SIC). In another tender held in August 2016, the CNE awarded the company a contract to supply 506 GWh/year for 20 years to distributors in the SIC and the Far North Interconnected System (SING).
Both contracts were obtained in competition with conventional technologies and evidenced the competitiveness of renewables compared to fossil fuels in the Chilean market.
It is estimated that the projects to be executed by ACCIONA under these contracts using renewable energy (wind and photovoltaic) will cover the electricity needs of about 550,000 Chilean households, and avoid the emission of over a million tons of CO2 to the atmosphere every year.