Strain signed on extension from deadline from his syndicated line of credit (RCF) of 2 billion euros until September 2027 with 18 financial institutions and, for the first time, agreed that his conditions economic are related to the fulfillment of environmental and social indicators.
This operation demonstrates the continued support that Strain received from the financial community, as well as the strategy Positive movement of the company and its commitment to energy transition.
Two of the key indicators are linked to the Cepsa’s carbon emissions targets for 2030: the progressive reduction of the emissions of scopes 1 and 2 to reach a decrease of 55% in 2030 compared to 2019, and a decrease of 15-20% in the carbon intensity index in the sales of energy products, which includes purposes 1 , 2 and 3 In addition, a third indicator has been established covering Cepsa’s gender diversity target, which aims to have women fill 30% of leadership positions in 2025.
Cepsa’s care for the environment
Under the loan agreement, Cepsa and its consortium of banks have agreed to donate 100% of the price adjustment, with each party designating the destination of that donation on an equitable basis. The donation mechanism is equivalent to an adjustment of the credit margin, in which the achievement of each key indicator determines whether the donation is made by Cepsa, by the banks, or divided among them.
Cepsa has undertaken to donate 50% of this adjustment to Cepsa Foundationworking on developing projects to improve the medium environment and the biodiversity, as well as in the context of social action and the promotion of gender diversity. The banking syndicate, for its part, has also agreed to channel its share of the donation through a foundation or non-profit organization.
Carmen de Pablo, The CFO of Cepsa, stated that: “This first sustainable loan from Cepsa shows the determination to align our financial and sustainability goals, placing sustainability criteria at the center of our financing and investment decisions, as well as our daily operations. We are fully committed to transforming our business to meet the challenge of net zero, also ensuring that Cepsa is a diverse and inclusive workplace. Furthermore, we are pleased to see that, by working closely with our pool of banks, we have been able to achieve a unique combination in the syndicated financing market, where Cepsa and its group of banks have decided to proportionately donate 100 % of the adjustment of interests to environmental and social projects “.
BBVA and Natixis Corporate & Investment Banking acted as coordinators of this transaction.
Over this decade, Cepsa will make investments of between 7,000 and 8,000 million euros as part of its Positive Motion strategy to promote energy transition and become a leader in mobility sustainable and the production from green hydrogen y biofuels in Spain y Portugal.
In addition to this credit line of 2,000 million euros, Cepsa will continue to align its financing strategy through other financial instruments, linking them to its sustainability objectives, to accompany the execution of energy transition projects as part of its Positive strategy Motion.
