BBVA and EDP Renewables North America close a US$ 150 million sustainable structured deal

BBVA expands its sustainable portfolio in the U.S. with a new renewable energy transaction. The bank has issued a Standby Letters of Credit (SBLC) line, certified as sustainable as per the bank's transactional banking framework. The deal represents an important addition to SBLC's business in the North American market.

BBVA CIB USA and EDP Renewables North America have closed a structured Green SBLC worth $150 million. The transaction specifically meets the UN SDGs’ category of SDG 7: Accessible clean energy and SGD 13: Climate initiatives.

This transaction increases the bank's green portfolio carried out in the North American market and reaffirms BBVA CIB's commitment to meeting the goals established in the COP21 Paris Agreement and to achieving the United Nations Sustainable Development Goals.

Investments in renewable energy are essential for the transition to a sustainable economy. The United States Energy Information Administration (EIA) has published that in 2022 8.5% of the energy consumed in the country came from renewable energy sources, demonstrating the growth potential in the renewable energy market.

Sustainability is at the core of BBVA's strategy. Supporting clients in their transition toward more sustainable future business models is one of BBVA’s goals.

Ana Higueras, head of GTB sustainability advisory at BBVA USA, explains: "This deal represents another example of BBVA's commitment to supporting our clients' transition toward a more sustainable future and, at the same time, increases the bank's contribution toward a low-CO2 economy."

EDP Renewables North America is a division of EDP Renováveis S.A.. The company's story in the United States began in 2007 with the acquisition of Horizon Wind Energy LLC. Since then, the company has more than doubled its generation of clean energy in the market, becoming part of the five largest producers of renewable energy in the country. In North America, more than 8,800 megawatts (MW) have been developed and the more than 8,600 MW of renewable energy projects operating not only produce clean energy, but also enrich rural communities and accelerate the growth of a sustainable future.