Madrid, 27 april 2022.- COFIDES has participated, through the Fund for Foreign Investment (67%) and its own resources (33%), in the issuance of a green bond to finance the national and international expansion of Grenergy Renovables S.A.

This project is the second time that COFIDES has participated in the financing of a green bond issued on the Alternative Fixed-Income Market (MARF) by the company. To this end, COFIDES has acquired 20% of the bond issue, valued at 10.4 million Euros.

The bonds seek to finance the development of Grenergy's growth and expansion, specifically in renewable energy generation projects requiring equity, mainly solar photovoltaic and wind energy, as well as the development of battery facilities.

Grenergy's projects must meet the Green Bond Principles requirements to be deemed ‘Eligible Green Projects’. The company's key area of influence is Latin America (Chile and Colombia), and its strategic plan extends to Italy, the UK, Poland and the US. 

ENVIRONMENTALLY POSITIVE IMPACTS

Compliance with the Green Bond Principles ensures that the projects that the investment will go towards have positive impacts on the environment, as well as that socio-environmental risk criteria are taken into account in the project evaluation and selection process. 

COFIDES Chairman, José Luis Curbelo, has stated that “for COFIDES, it is of the utmost importance to continue innovating through the implementation of financial instruments adapted to the real needs of companies competing in global markets. Energy transition, sustainability and the fight against climate change are fields in which Spanish companies are at the forefront. COFIDES' involvement in underwriting Grenergy Renovables' green bond will boost the internationalization of the company's investments in other economies, with the understanding that the green transition is an imperative that concerns us all and goes beyond our borders”.

According to the Director of Strategy and Capital Markets of Grenergy Renovables, Daniel Lozano, “COFIDES' participation in the first green bond in 2019 helped us succeed in a key issue for our growth and internationalization. Having COFIDES involved once again in this second issue will be key to consolidating and accelerating the project, allowing us to drive our activity in new markets such as the US”.

ABOUT GRENERGY RENOVABLES

Grenergy Renovables has been developing, constructing and operating renewable energy generation projects since 2007. Highly internationalized, it has been present in Latin America since 2012, in Chile, Peru, Colombia, Mexico and Argentina, as well as Spain, Italy, the United Kingdom and Poland. It currently has more than 70 connected farms, more than 700 MW under management and 1 GW in operation or under construction.

ABOUT COFIDES

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).