The agreement allows the issuance of guarantees worth 60 million euros to this company to finance operations that bet on renewable and clean energy.
FOMENTING more sustainable spaces where renewable energies are gaining more and more ground against other pollutants is the aim of the agreement BBVA has reached with Fotowatio Renewables Ventures (FRV). The aim of this agreement is to extend and convert the limit of guarantees available to the company to the green category. This ceiling, at 60 million euros, will be used to cover operations that are committed to renewable and clean energies. Both entities are clearly committed to a sustainable future since they have sealed their commitment to the Sustainable Development Objectives, both for affordable and non-polluting energy and climate action.
The sealed agreement allows the 60 million euros to guarantee the implementation of sustainable energy projects by adopting the most advanced technology. Both BBVA and FRV have in common their strategy of “energy efficiency and emissions reduction” supporting initiatives towards a more sustainable world. As part of the United Nations’ Sustainable Development Goals, the bank has created a sustainable transactional product framework so that its customers’ banking operations have different ratings, such as green, social or sustainable. And the operation reached with FRV is one of the green ones. “We want to support our customers in their sustainability strategies because we believe it is a key element in guaranteeing their competitiveness in a world that is moving towards a cleaner and more sustainable energy model”, said Pablo Ortega, BBVA’s relationship manager for Corporate Banking in Madrid.
Under the agreement, BBVA enters into an alliance with FRV, a company that forms part of the Abdul Latif Jamaeel Energy conglomerate, a global leader in the development of renewable energy projects. With this signature, as stated by sources from the financial institution, “it seeks to continue promoting clean, sustainable, affordable and reliable energy models that allow the delivery of electricity to consumers anywhere in the world, reducing energy consumption and dependence on fossil fuels”. A look aimed at creating a planet without so much pollution. These guarantees of guarantees are directed towards this objective. Javier Huergo, Director of Investments and Treasurer of FRV, stressed that “this agreement grants us funding exclusively for green projects, allows us to continue facilitating access to renewable energy through solutions that contribute to the sustainable development of the communities in which we are present. This is great news, not only for FVR, but for the future of society and the sector as it contributes to improving the performance of the energy system with the increasingly clean and competitive energy supply.
Committed entities The strategic line of its commitment in the fight against climate change was set by BBVA in 2018 when it “approved its Commitment 2025” which implies that until that date, the entity “will mobilise 100 billion euros in green financing, sustainable infrastructures, social entrepreneurship and financial inclusion”. As they detail, “the bank has the capacity, knowledge and experience to provide its customers with superior advice on sustainable financing solutions and is playing a key role in the development of this market”. Not in vain, last year closed with a capital mobilization of 12,000 million euros.
This appreciation of the sustainable environment was endorsed in 2018 when BBVA opted for the RE100 collaborative initiative, in which the “most influential companies in the world are committed to making their energy 100% renewable by 2050”. But the challenge for the financial company is that by 2025 energy consumption will be 70% renewable energy and five years later it will reach 100%.
For its part, FRV implements its sustainable measures through different areas. This is how it proposes “energy solutions and a commitment to innovation”. In fact, it has a Master Plan for Corporate Social Responsibility that materializes on the environment, economy and society. In the 2018-2019 biennium, this company “has updated its sustainability policy and has begun to implement an Integrated Management System to detect and minimize possible impacts on the environment of its activity”. In addition, it also “guarantees access to more competitive energy, creating wealth and promoting growth in those regions in which it is present through job creation and education”. Along these lines, it has a scholarship plan to extend the “social repercussion” of its initiatives.