The company is extending its 2,000-million-euro operation with 18 banks until 2027
Cepsa has signed the extension of the term of its syndicated credit line of 2,000 million euros until September 2027 with 18 financial entities and has agreed for the first time to link its economic conditions to sustainability indicators. The company explains that this operation emphasizes “the continued support that Cepsa has received from the financial community, as well as the company’s ‘Positive Motion’ strategy and its commitment to the energy transition.” The financial entities BBVA and Natixis Corporate & Investment Banking acted as coordinators of this operation carried out by the energy company.
Two of the key indicators are specifically linked to multienergy’s 2030 CO2 emissions targets: the gradual reduction of scope 1 and 2 emissions to achieve a 55% reduction by 2030 compared to 2019, and a 15-20% reduction of the carbon intensity index in the sale of energy products, which includes scope 1, 2 and 3.
In addition, a third indicator has been identified that covers the company’s gender diversity target, which is that by 2025, 30% of leadership positions will be held by women.
As part of the financing agreement, Cepsa and its syndicate of banks have agreed to donate 100% of the price adjustment, with each party designating the destination of the donation on an equal basis. The donation mechanism corresponds to an adjustment of the credit margin, where the achievement of each key indicator determines whether the donation is divided by Cepsa, the banks, or between them.
The company, led by Maarten Wetselaar, has agreed to donate 50% of this adaptation to the Cepsa Foundation, which develops projects to improve the environment and biodiversity, as well as social action and the promotion of gender diversity. The banking syndicate, for its part, has also agreed to channel its portion of the donation through a foundation or non-profit organization.
For Cepsa’s chief financial officer, this operation demonstrates “the company’s determination” to align its financial and sustainability goals, “by putting sustainability criteria at the heart of its financing and investment decisions, as well as our day-to-day operations ».
“We are fully committed to transforming our company so that it responds to the challenge of ‘net zero’, while also ensuring that Cepsa is a diverse and inclusive workplace. In addition, we are pleased to see that by working closely with our syndicate of banks, we have achieved a unique combination in the syndicated financing market, in which Cepsa and its group of banks have agreed to transfer 100% of the adaptive interest to ecological and social projects,” he added.
Cepsa plans to invest between 7,000 and 8,000 million euros in this decade under its new strategic plan ‘Positive Motion’ to promote the energy transition and become a leader in sustainable mobility and in the production of green hydrogen and biofuels in Spain and Portugal.
In addition to this EUR 2,000 million credit line, the company has indicated that it will continue to align its financing strategy through other financial instruments, linked to its sustainability objectives, to guide the implementation of energy transition projects as part of its strategy.
Source: La Verdad
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