Intesa Sanpaolo, through its IMI Corporate & Investment Banking Division, has granted Endesa a EUR 350M ESG guarantee line for the issuance of “umbrella” guarantees from which all its subsidiaries will benefit.
Endesa, the largest electricity company in Spain and the second largest in Portugal, has committed to increasing the percentage of renewable sources in its total installed electricity generation capacity in the Iberian Peninsula from 45% at the beginning of the year to 50% by the end of 2021.
The funding envisages that an ESG incentive mechanism will be activated if the pre-set target is met, then Intesa Sanpaolo will apply a discount to the line.
"We are very pleased to support Endesa and the Enel Group in their important path for the acceleration of the energy transition" - says Nicola Doninelli, Head of International Management of IMI Corporate & Investment Banking Division. "The credit line, granted by our Madrid branch, is intended to provide a concrete incentive for a large European company, already a leader in sustainability, to achieve even more ambitious ESG objectives."
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