BBVA acts as Joint Green Loan Lead Coordinator in Polestar’s first medium term syndicated green corporate loan

BBVA has supported Polestar in the structuring and successful closing of the group's first medium term syndicated green corporate loan. In this transaction, the bank acted as Joint Green Loan Lead Coordinator for the Swedish manufacturer of high-performance electric cars and member of the Geely Group, China's leading automaker.

The new 3-year loan comprises two tranches of €340 million and $583 million respectively. The proceeds of the facility will be used to fund Polestar’s eligible green activities such as investments and expenditure in the design, manufacturing and sales of electric vehicles. The facility has been structured in compliance with the Green Loan Principles.

Polestar was founded on a mission to accelerate the shift to sustainable mobility. Together with design and technology, sustainability is one of the three pillars of the company. 

Jorge González Jacob, BBVA's Global Head of Corporate Lending, said: “We are grateful for the trust that Polestar placed in BBVA to act as Joint Green Lead Coordinator in the group’s first syndicated green corporate loan, an important milestone for our two institutions. At BBVA, we are committed to supporting our clients’ sustainability strategy through financing and value-added advisory services. We are proud to partner with like-minded sustainable pioneers such as Polestar in our own sustainability journey.”

BBVA, a leader in sustainable finance

As a demonstration of its responsibility in the fight against climate change, in 2018 BBVA approved its 2025 Goal, by which it pledged to mobilize a total of €100 billion in green finance, sustainable infrastructure, social entrepreneurship and financial inclusion. In 2021 the bank increased its target to €200 billion and in October 2022 again increased its target to €300 billion. By the end of December 2023 it had reached around 206 billion euros.

In the sustainable lending business, BBVA has been a pioneer and key driver, making it today one of the most active institutions globally and particularly in Spain. In 2023, the bank participated in 131 green and sustainable loans  globally and led 28 of them as Sustainable Coordinator for clients from various sectors, including relevant transactions in Spain, Germany, Italy, the United Kingdom, the United States, Mexico and Latin America.