Spanish conglomerate ACCIONA has secured €300 million in sustainable financing to fund projects across the Gulf Cooperation Council region, focusing on reducing carbon emissions and promoting sustainable growth.

Funds will be directed toward projects related to renewable energy, energy efficiency, sustainable mobility, and water management, in accordance with the EU Green Taxonomy, the company said in a press release.

José Ángel Tejero, Chief Financial and Sustainability Officer of ACCIONA, said: "We are proud to deliver the region’s first Green Loan with Local Impact financing. Our goal is to continue integrating sustainable structures into our corporate debt.” 

First Abu Dhabi Bank and Standard Chartered served as Green Loan Coordinators, with SFI Markets as the Arranger and Dentons as Legal Counsel, the release added.

ACCIONA stated that the financing, structured as a green loan, aligns with its Sustainable Impact Financing Framework. It also includes a local impact initiative aimed at supporting suppliers in producing low-carbon building materials, such as cement, steel, and concrete.

The company closed the first half of its 2024 financial year with 80 percent of its corporate debt in sustainable financing structures.

Its GCC project portfolio includes Dubai metro extension and the Jebel Ali desalination plant in the UAE; the construction and subsequent extension of the Umm Al Houl desalination plant in Qatar; as well as six other reverse osmosis (RO) desalination plants and three wastewater treatment plants in Saudi Arabia.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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