News
CEB lends €200 million to Banco Santander to finance renewable energy projects in Spain
18 September 2018
MADRID – CEB Vice-Governor for Social Development Strategy Rosa Sánchez-Yebra signed today a €200 million loan agreement with Banco Santander to finance the construction of renewable energy plants.
The CEB funds will be channelled through Banco Santander to enterprises selected in the renewable energy auctions organised by the Spanish government in 2016 and 2017. The funds will contribute to the financing of potential projects identified by Banco Santander for the construction of biomass, wind and photovoltaic power plants.
The loan will have a positive impact on the environment, create new jobs, and contribute directly to the Spanish government’s efforts to reach its Europe 2020 targets in terms of generating energy from renewable sources and reducing greenhouse gas emissions.
This is the third programme of Banco Santander which receives CEB financing and the first in the area of environmental protection. Previous CEB loans to Banco Santander approved in 2017 and 2013 in the amount of €200 million were used to support the productive investments of micro, small, and medium-sized businesses (MSMEs).
Vice-Governor Sánchez-Yebra said: “The agreement signed today with Banco Santander, a valuable CEB partner, reaffirms the CEB’s firm commitment to the protection of the environment, one of the Bank’s priority areas as set out in its Development Plan. Of course, the environmental aspect is taken into account for every project that the CEB considers. But we also finance projects with a solely environmental focus such as this, and we are confident that the loan will help the Spanish government achieve its Europe 2020 targets.”Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.