05/04/2022 08:18:03 Endesa has another 250 million euros from the European Investment Bank (EIB) to continue promoting the transformation of the generation park and reach the goal of zero emissions in 2040, ten years earlier than previously announced.
This loan follows the one formalized last November 2021, which marked a milestone as it was the first loan linked to sustainability criteria granted by the EIB in our country. Like the previous operation, this loan links its financial conditions to a goal of reducing direct GHG emissions of scope 1, that is, those produced by Endesa’s generation activities. Both operations are part of a framework program that could amount to a total of 700 million euros.
For Endesa, having the support of the EIB, the climate bank, is a guarantee of the solidity of the company’s commitments to comply with its investment plan aimed at complete decarbonisation. Endesa is a leader in sustainable finance, with 60% of its gross debt linked to sustainability criteria and with the goal of reaching 80% by the end of 2024.
According to Luca Passa, Chief Financial Officer, “Endesa is the leader in Spain in sustainable finance, which is an essential instrument for achieving the objectives of our corporate strategy. 100% of our credit lines and bank guarantee lines include sustainability incentives, and the company has achieved some relevant milestones over the past year, such as signing the first loan linked to sustainability criteria with the EIB itself granted by this institution in Spain”
Progress in decarbonization
At the end of last year, Endesa presented its latest 2022-2024 strategic plan to the market, also sharing a longer-term vision for the end of the decade. Endesa continues to make steady progress towards its decarbonisation goals. In the short term, the new plan sets the planned investment for the development of renewable power at 3,100 million. €, which will allow the commissioning of 4 gigawatts of new clean power (90% solar plants and the rest, wind farms).
In this way, the company will reach 12.3 GW of solar, wind and hydraulic power at the end of the plan, growing 48% compared to the 8.3 GW with which it closed 2021. The growth in renewables will allow 92% of the energy production in the Iberian Peninsula at the end of 2024 is free of CO2 emissions, six percentage points more than at the end of 2021.
By 2030, Endesa’s commitment is to multiply its renewable park by three (24,000 MW of installed capacity) and for this it already has a project portfolio of nearly 80 GW (63% solar plants; 19% storage projects; and 12% wind farms). It currently has about 2 gigawatts (1,800 MW) under construction or in an advanced stage of maturity for the start of construction.
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