Clifford Chance

Clifford Chance advises the lender banks on two ESG facility agreements for a total of EUR 3.3 billion, in preparation for the flotation of Acciona's Energy division

Clifford Chance has advised on two syndicated facility agreements that reflect environmental, social and corporate governance (ESG) standards, for EUR 800 million and EUR 2.5 billion, respectively.

The two agreements, entered into by a broad syndicate of 23 Spanish and international banks, serve to create the financial structure needed in Acciona and its renewable energies subsidiary, Acciona Energy, prior to the subsidiary's flotation, expected to take place in the first half of this year.

The facility agreements were structured according to an innovative "double impact" ESG scheme that ties in cost reductions with the achievement of corporate sustainability objectives and –for the first time ever with an instrument of this kind– with positive impact generation commitments on a local scale, such as training for vulnerable groups of people and access to clean energy for isolated rural communities.

The global financial markets team at Clifford Chance advising on this deal comprised Epifanio Pérez, Eugenio Fernández-Rico, Irene Rueda and María González.

Clifford Chance has a team specialising in ESG standards and our advice on this transaction reflects our team's commitment to implementing innovative financing structures to uphold them.