ACCIONA, a global leader in sustainable infrastructure and renewable energy, has secured $325.2 million (€300 million) in sustainable financing to fund a series of key projects aimed at reducing carbon emissions and promoting sustainable development across the Gulf Cooperation Council (GCC) region.
The financing will support the construction and development of low-carbon projects in the United Arab Emirates, Saudi Arabia, Qatar, Oman, and other GCC countries.
The new funding is structured as a green loan aligned with ACCIONA’s Sustainable Impact Financing Framework. The loan is linked to a local impact initiative aimed at fostering sustainable construction practices by encouraging the development and production of lower or zero-carbon building materials, such as cement, steel, and concrete.
By supporting local suppliers, ACCIONA aims to reduce the environmental footprint of key infrastructure projects in the region.
“This financing reaffirms our commitment to leading the development of low-carbon solutions in the GCC,” said José Ángel Tejero, Chief Financial and Sustainability Officer of ACCIONA. “We are proud to deliver the region’s first Green Loan with Local Impact financing, which underscores our strength in diversifying our funding sources while continuing to integrate sustainable structures into our corporate debt. We are grateful for the support of our banking partners in this transaction.”
The funds will be allocated to a variety of projects that focus on climate change mitigation, environmental conservation, and other sustainable practices. These include renewable energy projects, energy efficiency initiatives, sustainable mobility solutions, and sustainable water management systems. All projects will be aligned with the EU Green Taxonomy, ensuring they meet the highest standards for environmental sustainability.
First Abu Dhabi Bank and Standard Chartered acted as Green Loan Coordinators for the transaction, with SFI Markets serving as the Arranger and Dentons as Legal Counsel. The financing reflects ACCIONA’s leadership in the sustainable finance market, with 80% of its corporate debt already structured as sustainable financing by the first half of 2024. ACCIONA’s first foray into the green bond market began in 2016, and it has since continued to raise capital for environmentally responsible projects that attract investors interested in aligning financial returns with sustainable outcomes.
Caroline Eber-Ittel, CEO France and Head of Banking and Coverage Europe at Standard Chartered, emphasized the importance of this deal for both ACCIONA and the wider GCC region. “We’re delighted to provide ACCIONA with this important Green Loan to support the energy transition in Gulf Cooperation Council countries,” she said. “This transaction reflects Standard Chartered’s expertise in sustainable finance and aligns with our commitment to mobilize US$300 billion of sustainable finance by 2030.”
Since entering the Middle East market in 2008, ACCIONA has been deeply involved in sustainable development projects across the GCC.
The company has played a key role in landmark projects, including the extension of the Dubai Metro and the construction of the Jebel Ali desalination plant in the UAE.
In Qatar, ACCIONA was involved in the construction and extension of the Umm Al Houl desalination plant, and in Saudi Arabia, it has built six reverse osmosis desalination plants and three wastewater treatment plants.
ACCIONA’s Living and Culture division has also made a significant impact in the GCC’s urban development and cultural sectors. The company was responsible for the museography works at the 3-2-1 Qatar Olympic and Sports Museum and has contributed to projects such as the National Museum of Oman, the Sustainability Pavilion and other exhibits at Dubai Expo 2020, and the Qasr Al Watan Presidential Palace in Abu Dhabi.
As a global leader in the provision of regenerative solutions for a decarbonized economy, ACCIONA’s business portfolio extends beyond infrastructure to include renewable energy, water treatment and management, eco-efficient transportation, and resilient infrastructure systems. The company has been carbon neutral since 2016, consistently pushing forward its commitment to sustainability.
With sales reaching $18.4 billion (€17 billion) in 2023, ACCIONA operates in over 60 countries worldwide. Its projects are designed to promote environmental stewardship, reduce carbon emissions, and foster sustainable development across sectors and regions.
