Iberdrola’s Brazilian subsidiary Neonergia has obtained BRL 550 million for a term of eight years with a price linked to ESG objectives from the World Bank to boost its growth strategy. The funding differential will be reduced if the company increases the number of female electricians and cuts the percentage of carbon emissionsThe price of the financing, granted by the International Finance Corporation, part of the World Bank and the world's largest development institution focused on the private sector in developing countries, is linked to the percentage of women electricians in Neonergia and the reduction of the carbon emissions rate, which will be measured in 2026. If the targets are met, there will be a reduction in the debt spread.The company has informed the Comissão de Valores Mobiliários that the financing agreement reinforces the company's broad access to credit lines at competitive costs and conditions, in line with its strategy of diversifying funding sources to support the development of its business planA leader in renewable generation, Neonergia will triple its portfolio of wind assets this year to 1,600 MW, and 90% of total capacity will be green. In the first quarter of 2022, it boosted its investments in renewables in Brazil by 75% to BRL 808 million.The company is the network leader in Brazil with close to 700,000 kilometres of power lines, thanks to its control of five distribution companies in 18 Brazilian states. In fact, in the last few days the company has been awarded its largest power grid line in the world in the transmission line auction, 1,700 kilometres.It is also a renewable energy giant, with 5,300 megawatts installed, 80% of which are green.
Iberdrola’s Brazilian subsidiary Neonergia has obtained BRL 550 million for a term of eight years with a price linked to ESG objectives from the World Bank to boost its growth strategy. The funding differential will be reduced if the company increases the number of female electricians and cuts the percentage of carbon emissionsThe price of the financing, granted by the International Finance Corporation, part of the World Bank and the world's largest development institution focused on the private sector in developing countries, is linked to the percentage of women electricians in Neonergia and the reduction of the carbon emissions rate, which will be measured in 2026. If the targets are met, there will be a reduction in the debt spread.The company has informed the Comissão de Valores Mobiliários that the financing agreement reinforces the company's broad access to credit lines at competitive costs and conditions, in line with its strategy of diversifying funding sources to support the development of its business planA leader in renewable generation, Neonergia will triple its portfolio of wind assets this year to 1,600 MW, and 90% of total capacity will be green. In the first quarter of 2022, it boosted its investments in renewables in Brazil by 75% to BRL 808 million.The company is the network leader in Brazil with close to 700,000 kilometres of power lines, thanks to its control of five distribution companies in 18 Brazilian states. In fact, in the last few days the company has been awarded its largest power grid line in the world in the transmission line auction, 1,700 kilometres.It is also a renewable energy giant, with 5,300 megawatts installed, 80% of which are green.
