BBVA signs a new green loan with China Three Gorges International Ltd.

BBVA has granted a new EUR 200 million green loan with China Three Gorges International Ltd. (“CTGIL”), aimed at refinancing its overseas renewable energy projects. In 2022 BBVA advised this leading clean energy generation company in the arrangement of its first green loan. This new transaction reaffirms both parties’ shared commitment to sustainability. 

The new one-year loan will refinance the previous loan used to acquire two portfolios of solar and wind assets in Spain, consisting of 11 solar photovoltaic parks and 1 wind farm, with a total installed capacity of 405MW. The facility has been structured in compliance with the Green Loan Principles published by the Loan Market Association.

Hui Li, BBVA’s Head of Corporate Lending Asia, commented, “We are delighted to support CTGIL’s green transformation journey and its strategic focus on developing clean energy globally. This new transaction strengthens our collaboration and underscores our commitment to achieving shared ESG goals.”

Simon Zhang, Director of Financial and Assets Management Department at CTGIL, said, “This milestone transaction highlights our commitment to supporting Spain’s energy transition. The green loan aligns perfectly with CTG’s sustainability strategy and secures the funding needed to turn our environmental goals into tangible achievements. We are delighted to have BBVA as our partner on this green journey and look forward to continued collaborations for a greener future and beyond.”

CTGIL is the key overseas investment platform of China Three Gorges Corporation, a leading clean energy provider in China. As part of its sustainability journey, the group is committed to becoming one of the world's top clean energy and ecological conservation enterprises by 2035, aligning with the motto “Empowering a Greener World”.

Sustainable finance at BBVA

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 June 2024 it had reached around €252 billion.