cesa signed the maturity extension of the syndicated credit line (RCF for its English abbreviation) 2 billion euros until September 2027 18 financial institutions and for the first time agreed that its economic conditions should be linked to compliance with environmental and social indicators. this operation Highlights Cepsa’s continued support information from the financial community, as well as the company’s Positive Action strategy and commitment to the energy transition.
Two of the key indicators are linked to Cepsa’s 2030 carbon emissions targets: Phase 1 and 2 emissions reductions to achieve a 55% reduction in 2030 compared to 2019A 15-20% decrease in the carbon intensity index in the sales of energy products, which include scopes 1, 2 and 3, and 30% of leadership positions will be held by women in 2025.
As part of the financing agreement, the syndication of Cepsa and banks committed to donating 100% of the price adjustment, each party equally determines the goal of the donation in question. The donation mechanism is equivalent to adjusting the credit margin, where reaching each key indicator determines whether the donation is made by Cepsa, banks or split between them.
Cepsa has committed to donate 50% of the said arrangement to Fundación Cepsa. works on the development of projects to improve the environment and biodiversity, as well as in the setting of social action and promoting gender diversity. Bank syndication has also agreed to channel its own share of the donation through a foundation or nonprofit.
Carmen de Pablo, chief financial officer of Cepsa, said: “This first sustainable finance by Cepsa demonstrates its commitment to aligning our financial and sustainability goals and places sustainability criteria at the center of our financing and investment decisions as well as our daily operations. . we are completely committed to transforming our business, thus meeting the challenges of net zero and making Cepsa a diverse and inclusive workplace. We are also pleased to see that by working closely with our Banks syndication we were able to achieve a unique combination in the syndicated finance market that Cepsa and the bank group agreed upon. donate 100% of the rate adjustment to environmental and social projects”.
BBVA and Natixis Corporate & Investment Banking undertook the coordination of this operation.
In this decade, Cepsa It will invest between 7 billion and 8 billion euros within the framework of its Positive Motion strategy. to promote the energy transition and be a leader in sustainable mobility and green hydrogen and biofuel production in Spain and Portugal.
In addition to this 2.000 million Euro credit limit, Cepsa will continue to align its financing strategy with other financial instruments Linking them to sustainability goals to accompany the execution of energy transition projects as part of the Positive Action strategy.