Cesa has signed an extension to the maturity of its syndicated credit line, a 2 billion euro facility, until September 2027. A total of 18 financial institutions participated, and for the first time the agreement ties the facility’s economic conditions to compliance with environmental and social indicators. This move underscores Cepsa’s ongoing support from the financial community and aligns with the Positive Action strategy and the company’s commitment to the energy transition.
Key performance indicators harmonize with Cepsa’s 2030 carbon objectives. Phase 1 and Phase 2 emissions reductions target a 55% drop by 2030 relative to 2019, and a 15-20% decrease in the carbon intensity index across energy product sales, spanning scopes 1, 2 and 3. A further goal aims to ensure that 30% of leadership positions are held by women by 2025, reinforcing the group’s focus on gender diversity.
Under the financing agreement, Cepsa and the participating banks agreed that future price adjustments would channel 100% of the economic impact into a donation framework. The mechanism determines whether the donation is made by Cepsa, by banks, or split between both, depending on progress toward the agreed indicators. This structure links credit margins to sustainability milestones in a transparent, shared manner.
As part of the arrangement, half of the donation will be allocated to Fundación Cepsa, which supports environmental and biodiversity projects, social action initiatives, and efforts to promote gender diversity. The banks also committed to directing their share of the donation through a foundation or non-profit organization, ensuring a broad societal impact beyond the financing itself.
Carmen de Pablo, chief financial officer of Cepsa, stated that this inaugural sustainable financing demonstrates the company’s resolve to align financial and sustainability goals. She emphasized that sustainability criteria will sit at the center of finance, investment decisions, and daily operations as the company accelerates its transformation toward net zero and fosters a diverse, inclusive workplace. She also highlighted the collaboration with the banks, noting the unique structure of the syndicated finance arrangement that enables a 100% rate adjustment donation to environmental and social projects (Cepsa press release, 2024).
BBVA and Natixis Corporate & Investment Banking coordinated the transaction, providing essential support to secure the deal and align it with the broader Corporate Social Responsibility framework of the involved institutions (Cepsa press release, 2024).
Looking ahead, Cepsa plans to invest between 7 and 8 billion euros in the current decade under its Positive Motion strategy. The focus remains on advancing the energy transition, positioning the company as a leader in sustainable mobility, and expanding the production of green hydrogen and biofuels across Spain and Portugal. This financing framework complements other instruments linked to sustainability goals, reinforcing the company’s execution of energy transition projects as part of the Positive Action strategy.