New Lenders join Elenia’s Bank Group
Elenia signed sustainability linked revolving credit facilities with a syndicate of nine banks in May 2023.
Due to upcoming refinancing needs and Elenia’s investment programme aimed at modernizing the distribution network and enabling green transition, new lenders have been invited to join the bank group. Following the added commitments by DNB Bank, Nordea Bank, OP Corporate Bank and Rabobank, Elenia’s credit facilities amount in total to EUR 540 million and consist of:
- EUR 375 million Capex Facility,
- EUR 60 million Working Capital Facility, and
- EUR 105 million Liquidity Facility.
Elenia’s bank syndicate now includes ABN AMRO, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Danske Bank, DNB Bank, National Westminster Bank, Nordea Bank, OP Corporate Bank, Rabobank, Royal Bank of Canada, SEB and SMBC. The Capex and Working Capital Facilities mature in 2030 and the Liquidity Facility has a tenor of five years.
The credit facilities include sustainability KPI linkage, allowing Elenia to benefit from a lower margin if targets of at least two of the following KPIs are reached:
- Reduction of CO2 emissions
- Improvement of security of supply
- Improvement of safety among personnel and service providers
As a provider of critical electricity network services Elenia will invest 2.3 billion euros by 2036 to reach the security of supply targets set by the Electricity Market Act and to enable the electrification of society. Elenia is committed to the SBTi with the goal to reach net zero greenhouse gas emissions by 2050. Safety is a key focus area for Elenia and an essential part of sustainability is looking after the safety and wellbeing of Elenia’s personnel and everyone who works for Elenia.