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Wednesday, April 17, 2024

A&O, Garrigues advise on largest 2022 green corporate loan

Aqualia, advised by Garrigues, has secured a €1.1 billion green syndicated loan led by CaixaBank, with participation of 10 banks, counselled by Allen & Overy. The loan is the largest green syndicated loan in Spain this year

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Aqualia has secured a €1.1 billion green syndicated loan led by CaixaBank, with participation of 10 banks. The syndicate was led by CaixaBank, who has acted as coordinator, agent bank, sole bookrunner and sustainability agent.

The loan will be used to finance and refinance eligible green projects as well as Aqualia’s core activities, such as water and waste treatment, water distribution and storage, renewable energy and sustainable transport, among others.

The loan is the largest green syndicated loan in Spain this year. The financing is linked to Aqualia’s Green Financing Framework, which has been advised by CaixaBank, and had a Second Party Opinion from DNV, which has validated the eligibility of the projects that are aligned with Loan Market Association’s Green Loan Principles.

Isidoro Marbán, Aqualia’s CFO, commented: “This financing provides Aqualia with great stability in its long-term capital structure at a time when financial markets are highly volatile. It further recognises the strength of the business and its commitment to a sustainable economy and sustainable services.”

The Allen & Overy Spain team that advised the bank syndicate comprised partner Jimena Urretavizcaya, senior associate Sofía Sánchez-Calero and Martín Miranda.

Garrigues advised FCC Aqualia with a team formed by partner José Miguel Pinillos and senior associate Raúl Suárez.


 

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