Elecnor constitutes a securitisation fund to develop sustainable energy projects
- The Fund has issued bonds in the amount of 50 million euros with a 7 year maturity period which shall be listed on the Alternative Fixed-Income Market (MARF).
- These bonds meet the requirements established by the Green Bond Principles.
- Banco Sabadell is the structurer, placement entity, registered advisor and payment agent of the transaction.
- This is the first securitisation transaction for the sale of future credit claims derived from contracts with Public Administrations to be concluded in Spain.
The Spanish Group for infrastructures, energy, services and telecommunications Elecnor has established a Securitisation Fund named “ELECNOR EFICIENCIA ENERGÉTICA 2020, Fondo de Titulización” [ELECNOR ENERGY EFFICIENCY 2020, Securitisation Fund], to which the credit claims derived from the contracts for the management of energy services and maintenance of public street lighting installations, which Elecnor performs for 43 Spanish towns and public entities, have been assigned. This is the first securitisation transaction for the sale of future credit claims derived from contracts with Public Administrations to be concluded in Spain.
Through this structure, Elecnor obtains financing in advantageous terms for the investments in the contracts assigned in the amount of 50 million euros, through the assignment of the credit claims. The Securitisation Fund has issued bonds in the aforementioned amount, which have been subscribed and paid up in full, listed on the Spanish Alternative Fixed-Income Market (MARF). These bonds meet the requirements established by the Green Bond Principles, for which reason they have been classified as green bonds by G-advisory, a consultancy firm belonging to the Garrigues Group.
Axesor Rating has rated the bonds issued by the Securitisation Fund as “A+”, a rating which indicates that they have a high capacity for meeting their credit obligations.
Banco Sabadell is the structurer, placement entity, registered advisor and payment agent of the transaction, with TDA, Titulización de Activos, SGFT, S.A. in charge of the management of the Securitisation Fund. The legal consultancy has been provided by Cuatrecasas.
Elecnor, committed to sustainability
Committing to sustainability means more efficiency, profitability and competitiveness.
Elecnor is irrevocably committed to sustainability from the start date of its activity. Ever since, the company has launched different initiatives to promote social, environmental and governing dividend, always aiming at creating sustainable value for all its interest groups.
In this respect, Elecnor contributes actively to a sustainable future with low carbon emissions by generating renewable energies, introducing energy efficiency measures, reducing its carbon footprint and implementing appropriate environmental management. Also, aiming at contributing to the Sustainable Development Goal 13 “Climate Action”, part of the United Nations Global Compact, Elecnor promotes sustainable development of its activity, adapted to the new climate conditions and, as always, with the support and commitment from all the people making up the Group.