Windar Renovables signs its first sustainable financing for an amount of 50 million euros with BBVA.


BBVA and Windar Renovables have signed a sustainable factoring line for a total amount of 50 million euros, which will finance a contract linked to the Baltic Eagle offshore wind project, recently awarded to the company, informed the entity. With this operation, Windar Renovables, manufacturer of towers for onshore and offshore wind farms and foundations for offshore wind farms, makes its debut in sustainable financing and obtains, through the non-recourse sale of the invoices issued, the necessary financial support for the execution of this contract.

This contract financing operation, under which Windar Renovables will supply 50 transition pieces for the foundations of the Baltic Eagle offshore wind farm, a project being developed by Iberdrola in the Baltic Sea that will have 476 megawatts (MW) of power, has been classified as a sustainable project according to the European Union taxonomy.

Manuel Diez Alonso, the bank’s Corporate Banking Relationship Manager, highlighted that the operation “has been specifically designed for Windar Renovables within the framework of BBVA’s commitment to sustainability and its special support for sectors linked to renewable energies”.

Furthermore, with this operation, the bank, which has been recognized as the world’s best investment bank in sustainable financing, is making progress in achieving its Commitment 2025.

As of June 30, 2021, BBVA has channeled €67 billion in sustainable financing out of the €200 billion it committed to reach by 2025, after recently announcing that it is doubling this figure.

Carlos Concheso, Windar Renovables’ CFO, said that BBVA’s confidence in the company, as well as its participation in a project of the size of the Baltic Eagle offshore wind farm, will allow the group to “consolidate its position in the market”.