Insights

ING grants FRV a line of green guarantees

Published 9 March, 2022
  • The green guarantees sum up a value of 30 million euros.

 

  • FRV will use this financing to develop sustainable projects that have a positive impact on the environment.

 

Madrid, 9th March 2022

ING has granted Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a world leader in the development of sustainable energy solutions, a line of green guarantees for a value of 30 million euros for a maximum term of two years in order to promote green projects, as well as to improve its financial flexibility in the framework of the financing contracts for these projects.

With this financing line, FRV reinforces its commitment to the sustainability of its business and secures green guarantees to actively promote environmental protection.

ESG criteria, which refer to environmental, social and corporate governance policies within a company, have become the benchmark for socially responsible investing. In this case, these guarantees will be considered to have a green or sustainable character if they relate to projects located outside protected areas or other key biodiversity areas in line with ING’s sustainability requirements.

With this operation, ING continues to demonstrate its commitment and leadership in sustainable finance while applying its innovative approach and expertise in the sector. On this occasion, with the design of a solution for FRV that optimizes the company’s cash flow, while linking it to sustainability performance.
Cristóbal Paredes
Director of Corporate and Investment Banking at ING Spain & Portugal

 

This alliance strengthens FRV’s ability to continue developing renewable energy projects in Spain and the rest of the world while implementing the most advanced technology, promoting innovation and the transformation of the energy sector.
Javier Huergo
Chief Investment Officer at FRV

 

ING’s wholesale banking business is a pioneer in proposing innovative solutions to accompany its clients in the transition to sustainable business models. Last year, the bank carried out green lending operations for a total volume of more than €11.8 billion, more than doubling the volume registered in 2020.

FRV plans to make investments of more than US$1.5 billion with the aim of doubling total installed capacity to well over 4 GW by 2024, always betting on new business models and innovative technologies such as batteries and green hydrogen.