Exolum strengthens its commitment to decarbonisation by integrating this goal into its financing strategy through the signing of its first sustainable loan for a total amount of £500 million (€602 million). This loan is financed by 17 banks and receipt of the agreed funds was conditional on the establishment of a framework with indicators related to corporate social responsibility within nine months of the signing.
This first sustainable financing extends Exolum’s commitment to decarbonisation, integrating it into its newly signed Sustainable Finance Framework. This framework is aligned with the Sustainability-Linked Bonds Principles and the Sustainability-Linked Loans Principles of 2023 and is based on three key indicators that reflect the company’s main ESG challenges. Compliance with these indicators will mean an adjustment of the margin applicable to the loan. The first indicator focuses on reducing carbon and other greenhouse gas emissions, while the other two are related to occupational health and industrial safety: the SIF (Serious injuries and Fatalities) rate and the industrial safety incident rate or PSER (Process Safety Event Rate).
Crédit Agricole CIB acted as sustainability coordinator of the new framework, which was independently reviewed by S&P Global Ratings and Sustainable Fitch who acted as SPO (Second Party Opinion) providers, while Santander and CaixaBank acted as Mandate Lead Arrangers and Bookrunners of the transaction, with BBVA as Mandate Lead Arranger and Agent Bank. Linklaters has been Exolum’s legal advisor, while Clifford Chance advised the 17 financial institutions that formed the banking syndicate.
Jorge Lanza, CEO of Exolum, says: ‘The new sustainable financing strengthens our commitment to decarbonisation and sustainability, encompassing both our operations and the services we offer to our customers. This agreement not only increases the importance of sustainability in our company but also links it to an area as strategic as finance. At Exolum, we have a Master Plan that will enable us to achieve emissions neutrality by 2040. In addition, by 2026, two thirds of our energy consumption in Spain will come from renewable sources thanks to long-term power purchase agreements and our self-consumption photovoltaic plants.’
