In 2019, COFIDES undertook to define further measures that could be adopted to make its commitment to sustainability effective through the projects financed. An exercise that involved all company divisions materialised in the form of the company’s Strategic Plan 2019-2021 with new provisions on reinforcing company commitment to sustainability and the environment as a component with a favourable impact on clients.
Where the sponsor’s sustainability strategy includes indicators that can be periodically measured and certified by an independent body, COFIDES finance includes a variable component to client benefit.
"Any reference to sustainability is a reference to values. Those same values have been present in the company since its constitution 75 years ago and continue to underpin our plans for the future”
Alexander Artetxe, Grupo Arteche Chaiman and CEO
Grupo Arteche specialises in electrical equipment design, manufacture and commercialisation of high technology solutions for electric power generation, transmission and distribution, as well as for industrial electric facilities and renewable power plants. Its project was the first financed by COFIDES with its own funds to envisage the new sustainability component. The company has consolidated its position in Mexico with COFIDES’s financial backing in line with this shared vision. COFIDES has granted the host company, Arteche North America S.A. de C.V., a M€3 joint venture loan to help finance the construction and fit-out of a new plant in Mexico manufacturing medium and low-voltage transformers, power quality equipment and circuit breakers.
‘Even in the face of the difficulties brought on by a health crisis (referring to the COVID-19 pandemic) in which our primary concern is health and only secondarily maintaining company output, sustainability must continue to be a business priority’ according to Alexander Artetxe, Grupo Arteche Chaiman and CEO, ‘because any reference to sustainability is a reference to values. Those same values have been present in the company since its constitution 75 years ago and continue to underpin our plans for the future’.
One of COFIDES’s primary aims is to drive sustainable growth as part of its contribution to achieving the Sustainable Development Goals. With the target company’s reduction of CO2 emissions, Grupo Arteche and COFIDES are working together to make that possible.