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Acciona secures Green loan for Chile projects

CHILE: Spanish developer Acciona has secured a €100 million "green loan" from compatriot bank BBVA to help fund a series of renewables projects in Chile.

Acciona is funding its Chile projects with a green loan
Acciona is funding its Chile projects with a green loan

The company has contracts to supply more than 1,100GWh annually to clients in Chile following tenders in 2014 and 2016.

Like a green bond, an independent consultant is required to certify the sustainability of the projects financed by green loans.

Recent tenders in Chile have seen wind and solar projects outbid conventional generators, pushing down power prices to record low.

However, the drop in tariffs has led some to worry that developers may struggle to access project financing from banks.

Acciona said that the funds would allow it to develop both wind farms and solar projects.

BBVA will finance the loan while the certification, under green bond principles, was granted by Vigeo Eiris.

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