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Thursday, April 18, 2024

GA_P assists EiDF with its debut on MARF´s Green CP programme

BME's Fixed Income Market, MARF, admitted EiDF -Energía, Innovación y Desarrollo Fotovoltaico’s first Green Commercial Paper (CP) Programme to trading for €25 million

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This continuous issuance programme will allow the company to access qualified investors flexibly over the next twelve months and diversify its funding sources through the placement of CP issues.

EiDF has structured the CPs to be issued under the programme to qualify as green instruments in accordance with the Green Bond Principles (GBP) of the International Capital Markets Association (ICMA). The funds raised from the issues will be used to finance or refinance, in whole or in part, existing or future projects that are expected to increase the presence of renewable energies in the electricity pool, for which it has received an opinion from Serfiex confirming that EiDF’s Green Financial Framework 2022 is aligned with the four fundamental principles that make up the GBP.

This programme brings to eleven the number of bond issues or programmes that meet ESG criteria (environmental, social and good corporate governance) registered in MARF.

Rentamarkets is the Programme’s Sole Lead Arranger and Placement Entity, while Singular Bank is EiDF’s Registered Advisor in MARF. Gómez-Acebo & Pombo Abogados has provided the issuer with legal advice concerning the programme’s registration.

EIDF -Energía, Innovación y Desarrollo Fotovoltaico- and its subsidiaries make up a Spanish conglomerate headquartered in Galicia, which operates in the field of photovoltaic solar technology. The company has become a national benchmark in the design and construction of photovoltaic installations for self-consumption by industrial clients nationwide and incorporates sustainability, innovation, quality guaranteed by different ISO certifications and proximity to the client in its business values. It is currently evolving towards a model of complete vertical integration, incorporating into its business model the generation and commercialisation of energy through the development, construction and operation of its own solar photovoltaic plants. The company’s operations are divided into four business units: self-consumption, generation, EPC (global service in photovoltaic projects: design, civil works, construction, etc. for third parties) and commercialisation.

Gómez-acebo & Pombo´s team advising EiDF was led by partner Augusto Piñel, along with senior associate Iñigo Hernáez Pérez-Iriondo and associate Miren Josu Ibáñez Sustacha.

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