Madrid, December 19, 2019.- The Spanish Development Finance Institution, S.A., S.M.E., has participated in the issuance of a green bond through the Fund for Foreign Investment (FIEX), to finance the international expansion of Grenergy Renovables S.A.

This project is the first time that COFIDES has participated in the financing of a green bond issued in the Alternative Fixed-Income Market. To do so, COFIDES has acquired up to 20% of the issuance of securities, with a value of 4.3 million euros.

The objective of the bonds is to finance the development of Grenergy's activity in its national and international expansion, specifically in renewable energy generation projects that require capital, mainly photovoltaic solar energy and wind energy.

These projects must meet the requirements of the Green Bond Principles to be considered "Eligible Green Projects". At present, the company has already identified its own projects in Chile, Peru, Argentina and Spain, in which it will invest the funds obtained by the issuance of bonds.


Compliance with the Green Bond Principles guarantees that the projects that receive the investment have environmentally positive impacts, in addition to guaranteeing that socio-environmental risk criteria are taken into account during the process of evaluating and selecting projects.

The COFIDES chairman, José Luis Curbelo, said that "for COFIDES, it is essential that its investments be socially and environmentally responsible." He also highlighted the "importance of supporting projects that achieve affordable and sustainable energy, and fight against Climate Change; two of the Sustainable Development Goals that affect COFIDES.

The Grenergy Renovables company has been developing renewable energy generation projects since 2007. Highly internationalised, it has been present in Latin America since 2012, where it has offices in Mexico, Chile, Peru, Colombia and Argentina, as well as in Spain. At present, it has more than 60 projects in development, mainly photovoltaic solar installations and wind farms.

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.