Введение
Кредитование, зависящее от экологических критериев. "Зеленое" кредитование – это кредитование, зависящее от экологических критериев, определяющих целевое использование средств. Оно является частью более широкой концепции устойчивых инвестиций и направлено на снижение негативного воздействия новых кредитных операций на окружающую среду. К нему относятся "зеленые" облигации (долговые инструменты), "зеленые" кредиты (часто привязанные к конкретному проекту) и кредиты, связанные с устойчивым развитием (обычно привязанные к показателям эффективности в области устойчивого развития).
Lending dependent on environmental criteria
Green lending refers to a lending dependent on environmental criteria for the planned use of funds. It is part of the wider sustainable investing and aims to reduce the impact on the environment of new lending activities. It includes green bonds (debt), green loans (often linked to a specific project) and sustainability linked loans (typically tied to sustainability performance objectives).
Green lending refers to a lending dependent on environmental criteria for the planned use of funds. It is part of the wider sustainable investing and aims to reduce the impact on the environment of new lending activities. It includes green bonds (debt), green loans (often linked to a specific project) and sustainability linked loans (typically tied to sustainability performance objectives).
История
Начиная с 2005 года крупные банки США, такие как Wells Fargo (июль 2005 года, 1 млрд долларов США на 5 лет) и Bank of America (март 2007 года, 20 млрд долларов США), начали направлять финансирование на поддержку устойчивого предпринимательства. Как правило, это подразумевало финансирование строительства экологически устойчивых или экологичных зданий и предприятий. Инициатива в области "зеленого" кредитования, по всей видимости, исходила от кредиторов, а не от заемщиков. В 2018 году Ассоциация рынка кредитов Великобритании опубликовала Принципы "зеленых" кредитов, чтобы гарантировать, что любое "зеленое" кредитование используется для допустимых "зеленых" проектов. Это включает в себя четкое указание этого факта в финансовых документах, а также описание ожидаемых экологических выгод, которые должны быть оценены, количественно определены, измерены и отражены в отчетности заемщиком. Перечень проектов, соответствующих критериям "зеленых", основан на перечне, используемом Международной ассоциацией рынка капитала для определения "зеленых" облигаций.
Starting in 2005 major US banks such as Wells Fargo (July 2005, $1bn over 5 years) and Bank of America (March 2007, $20 bn) started dedicating financing toward sustainable entrepreneurship. This usually meant financing the building of environmentally sustainable or friendly buildings or enterprises. The green lending initiative appear to have been taken by the lenders as opposed to borrowers. In 2018 the Loan Market Association in the UK issued Green Loan Principles to ensure any green loan is used for eligible green projects. This includes stating that this must be clearly articulated in the finance documents along with the expected environmental benefits, which must be assessed, quantified, measured and reported by the borrower. The list of projects that qualify as green is based on the list that the International Capital Market Association uses to define Green Bonds.
Рейтинги ESG и "зеленые" кредиты
В апреле 2017 года Unibail Rodamco Westfield разместила зеленый кредит в размере 650 млн евро с банковским синдикатом под руководством Lloyds Banking Group в качестве единственного координатора и зеленого координатора. Это была первая "зеленая" синдицированная кредитная линия в Европе. Вскоре после этого ING Group организовала кредит Philips, связанный с принципами устойчивого развития. Обе схемы связывали процентную ставку по кредитам с показателями устойчивости компании, либо посредством внешних рейтингов устойчивости, либо с помощью ключевых показателей эффективности (KPI), согласованных с банками-участниками синдиката. К июню 2018 года Bloomberg News сообщила, что ING Group заключила 15 аналогичных сделок, в рамках которых банк снижал стоимость заимствований на 5–10% на основе рейтинга ESG, предоставленного Sustainalytics. Как показано в списке кредитов экологического финансирования, несколько других банков объединились с различными агентствами по оценке ESG.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Дата Компания Сумма Эквивалент в долларах США (млн) Страна Тип кредита Цель использования средств Цель/KPI Ценообразование Срок
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Апрель 2017 Unibail Rodamco €650 млн 760 Франция Синдицированный RCF Общие корпоративные цели Индивидуальные KPI, связанные с экологической эффективностью Достижение KPI приводит к снижению маржи, выплачиваемой банкам 2022
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Апрель 2017 Royal Philips €1 млрд 1170 Нидерланды Синдицированный RCF Общие корпоративные цели Устойчивая деятельность Philips и рейтинг, предоставленный Sustainalytics Если рейтинг повышается, процентная ставка снижается, и наоборот. 2022
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Июнь 2017 Barry Callebaut €750 млн 870 Швейцария Синдицированный RCF Общие корпоративные цели ESG-рейтинг от Sustainalytics Если рейтинг ESG повышается, процентная ставка снижается, и наоборот. 2022
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Июль 2017 Gas Natural €330 млн 380 Испания Двусторонний RCF Улучшение устойчивости Частично привязан к воздействию компании на окружающую среду, социальную сферу и корпоративное управление. Свыше четырех лет с возможностью продления на один год.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Октябрь 2017 Abertis €100 млн 118 Испания Двусторонний RCF Улучшение устойчивости Процентная ставка кредита привязана к рейтингу устойчивости от Sustainalytics
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Октябрь 2017 SocFin €15 млн 18 Бельгия Двусторонний срочный кредит Улучшение устойчивости
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Октябрь 2017 bPost SA €300 млн 354 Бельгия Синдицированный RCF Улучшение устойчивости Рейтинг ESG в ценообразовании кредита, определяемый Sustainalytics
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Ноябрь 2017 Wilmar $150 млн 150 Сингапур Двусторонний RCF Общие корпоративные цели ESG-рейтинг от Sustainalytics Если рейтинг повышается, процентная ставка снижается, и наоборот.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Декабрь 2017 Red Eléctrica de España €800 млн 944 Испания Синдицированный кредит Общие корпоративные цели ESG-рейтинг от Vigeo Eiris Если рейтинг повышается, процентная ставка снижается, и наоборот.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Декабрь 2017 Casino Guichard Perrachon €50 млн 59 Франция Двусторонний кредит Улучшение устойчивости
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Декабрь 2017 LafargeHolcim Не раскрыто Не раскрыто Швейцария Двусторонний RCF Улучшение устойчивости
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Май 2017 EDF €150 млн 164 Франция Двусторонний RCF Общие корпоративные цели ESG-рейтинг от Sustainalytics Если рейтинг повышается, процентная ставка снижается, и наоборот. NA
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Февраль 2018 Danone €2 млрд 2500 Франция Синдицированная кредитная линия Общие корпоративные цели ESG-рейтинг, предоставленный Sustainalytics и Vigeo Eiris / KPI: Часть продаж, связанная с дочерними компаниями, сертифицированными B Corp Стимулирующая схема, привязанная к двум KPI
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Февраль 2018 Mapfre €1 млрд 1250 Испания Синдицированная кредитная линия Общие корпоративные цели ESG-рейтинг от Vigeo Eiris Если рейтинг повышается, процентная ставка снижается, и наоборот. Срок погашения продлен до 2023 года (с возможностью дальнейшего продления)
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Март 2018 Olam $500 млн 500 Сингапур Кредит Общие корпоративные цели Оценки, предоставленные Sustainalytics по 50 критериям, связанным с ESG Если цели достигнуты по всем критериям, процентная ставка снижается, и наоборот. Три года
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Апрель 2018 Adecco €600 млн 738 Швейцария Кредит Общие корпоративные цели ESG-рейтинг от Sustainalytics Если рейтинг ESG повышается, процентная ставка снижается, и наоборот.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Апрель 2018 Polymetal $80 млн 80 Россия Двусторонний RCF Улучшение устойчивости Если рейтинг Sustainalytics для Polymetal улучшится, процентная ставка по кредиту будет снижена. И наоборот, если рейтинг Sustainalytics ухудшится, процентная ставка повысится.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Июнь 2018 CMS Energy $1.4 млрд 1400 США Синдицированный RCF Новые кредитные возможности позволяют CMS снизить процентную ставку при достижении целей, связанных с экологической устойчивостью, в частности, с возобновляемой энергетикой.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Июнь 2018 Avangrid $2.5 млрд 2500 США Синдицированный RCF Индикатор устойчивости будет независимо проверяться агентством Vigeo Eiris. Механизм корректировки цены на основе постоянного снижения интенсивности выбросов AVANGRID. 2023
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Май 2018 Generali €2 млрд 2380 Италия RCF Общие корпоративные цели ESG-рейтинг Стоимость привязана как к целям по "зеленым" инвестициям, так и к прогрессу в инициативах по устойчивому развитию. 3 года
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Июль 2018 Pennon £100 млн 130 Великобритания Срочный кредит Требует от Pennon Group достижения целей и ключевых показателей эффективности в области ESG/устойчивого развития на основе ESG-индекса, выпущенного независимым рейтинговым агентством Sustainalytics. Pennon Group получает сниженную маржу по кредиту при достижении целей. 5 лет
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Сентябрь 2019 Energa PLN 2 млрд 500 Польша Кредит Индикатор устойчивости будет независимо проверяться агентством Vigeo Eiris. Если рейтинг ESG повышается, процентная ставка снижается, и наоборот. 5 лет
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
Декабрь 2019 Avation Не указано Не указано Сингапур Кредит Покупка самолетов Индикатор устойчивости был независимо проверен агентством Vigeo Eiris. Фиксированный срок 10 лет
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
В сентябре 2018 года пять банков, включая BBVA, структурировали возобновляемую кредитную линию (RCF) для итальянской энергетической компании A2A в рамках финансовой сделки на сумму 400 миллионов евро. Синдицированный кредит использовал механизм маржи, основанный на двух параметрах: эффективности двух выбранных KPI (мощность переработки отходов и объем возобновляемой энергии, продаваемой на оптовом рынке, подчеркивая ориентацию группы A2A на циркулярную экономику и декарбонизацию). Запрашиваемый ESG-рейтинг ежегодно предоставлялся Standard Ethics Aei.
In April 2017, Unibail Rodamco Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds Banking Group as sole co ordinator and green co ordinator. This was the first “green” syndicated credit facility in Europe. URW/LBG was shortly followed by ING Group arranging a sustainability linked loan to Philips. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018, Bloomberg News reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by Sustainalytics. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies. Date Company Amount USD equivalent ($m) Country Loan type Use of proceeds Objective/KPI Pricing Duration April 2017 Unibail Rodamco €650m 760 France Syndicated RCF General corporate purpose Individual KPIs linked to environmental performance Meeting KPIs results in a reduction in margin paid to banks 2022 April 2017 Royal Philips €1bn 1170 Netherlands Syndicated RCF General corporate purpose Philips's sustainability performance and rating provided by Sustainalytics If the rating goes up, the interest rate goes down—and vice versa. 2022 June 2017 Barry Callebaut €750m 870 Switzerland Syndicated RCF General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down—and vice versa. 2022 July 2017 Gas Natural €330m 380 Spain Bilateral RCF Sustainability improvement Partially index linked to the environmental, social and corporate governance impact of the company. Over four years with the possibility of an additional year. October 2017 Abertis €100m 118 Spain Bilateral RCF Sustainability improvement The loan's interest rate is benchmarked to a sustainability rating from Sustainalytics October 2017 SocFin €15m 18 Belgium Bilateral term loan Sustainability improvement October 2017 bPost SA €300m 354 Belgium Syndicated RCF Sustainability improvement ESG rating in the pricing of the loan determined by Sustainalytics November 2017 Wilmar $150m 150 Singapore Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. December 2017 Red Eléctrica de España €800m 944 Spain Syndicated loan General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. December 2017 Casino Guichard Perrachon €50m 59 France Bilateral loan Sustainability improvement December 2017 LafargeHolcim Not disclosed Not disclosed Switzerland Bilateral RCF Sustainability Improvement May 2017 EDF €150m 164 France Bilateral RCF General corporate purpose ESG Score from Sustainalytics If the rating goes up, the interest rate goes down —and vice versa. NA February 2018 Danone €2bn 2500 France Syndicated credit facility General corporate purpose ESG score provided by Sustainalytics and Vigeo Eiris / KPI: Part of Sales linked to subsidiaries certified by B Corp Incentive scheme linked to the two KPIs February 2018 Mapfre €1bn 1250 Spain Syndicated credit facility General corporate purpose ESG Score from Vigeo Eiris If the rating goes up, the interest rate goes down —and vice versa. Extended its maturity period until 2023 (open to a possible extension) March 2018 Olam $500m 500 Singapore Loan General corporate purpose Scores granted by Sustainalytics on 50 ESG linked criteria If the targets are reached on all scores, the interest rate goes down —and vice versa. Three years April 2018 Adecco €600m 738 Switzerland Loan General corporate purpose ESG Score from Sustainalytics If the ESG rating goes up, the interest rate goes down —and vice versa. April 2018 Polymetal $80m 80 Russia Bilateral RCF Sustainability improvement If the Sustainalitics score for Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the Sustainalytics score deteriorates, the interest rate will increase. June 2018 CMS Energy $1.4bn 1400 US Syndicated RCF New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation June 2018 Avangrid $2.5bn 2500 US Syndicated RCF Sustainability indicator will be independently verified by the agency Vigeo Eiris. Price adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity. 2023 May 2018 Generali €2bn 2380 Italy RCF General corporate purpose ESG Score The cost is linked both to targets on green investments and to progress made on sustainability initiatives. 3 years July 2018 Pennon £100m 130 UK Term loan The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation, Sustainalytics Pennon Group receives a reduced margin on the loan if targets are achieved 5 yearsSeptember 2019EnergaPLN2bn500PolandLoan Sustainability indicator will be independently verified by the agency Vigeo Eiris. If the ESG rating goes up, the interest rate goes down and vice versa.5 yearsDecember 2019 Avation not indicated not indicated Singapore Loan Purchase of Aircraft Sustainability indicator has been independently verified by the agency Vigeo Eiris Fixed 10 years
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.
In September 2018, five banks, including BBVA, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the circular economy and decarbonation). The solicited ESG rating was provided annually by Standard Ethics Aei.