Iberdrola has agreed a €2.5bn credit line with 24 banks to boost its sustainable financing capabilities.
The "competitive" rates are in line with the group’s previous sustainability-linked credit facilities agreed in March 2019 and April 2021, which it said indicates “confidence in Iberdrola’s financial strategy despite current market volatility”.
The multi-currency facility has a term of five years, extendable for a further two years.
It is subject to two sustainability indicators - the reduction in the consumption of water used in power generation and the rating assigned to Iberdrola by the independent agency CDP Water.
The operation contributes to fulfilling Iberdrola’s commitment to maintain adequate liquidity, which amounted to more than €21bn at the end of March 2022.
At that time, Iberdrola had green financing, or financing linked to sustainability criteria, amounting to more than €41bn. More than €16bn of that total corresponds to green bonds.
The financing strategy is linked to the company’s plan to invest €75bn globally between 2020 and 2025.
This investment will double Iberdrola’s renewable energy capacity to 60,000MW and increase the value of its network assets to €47bn, it said.