Bilbao, 18.7.2019 – CIE Automotive has announced today the signature of its first sustainable financing agreement with a commercial bank, for which it has counted on the experience and advice of BBVA.
The Group has closed with the bank a sustainable bilateral loan for a total of 80 million euros, which will be used to partially finance CIE´s investment plan.
The economic conditions of the loan are linked to the ESG (Enviromental, Social and Governance) rating of the company. Vigeo Eiris has been the environmental consultant in charge of issuing the rating report.
Sustainable financing consolidates BBVA's bet for the fight against climate change, as well as reaffirms CIE Automotive's vision for the future, which includes as a priority to keep a balance between industrial activity and environment, minimizing the environmental impact of its activities.
In the words of Jesús María Herrera, Chief Executive Officer, "at CIE we have integrated corporate social responsibility into our management model, developing and promoting ethical and responsible behaviors along the value chain in order to meet the expectations of all our stakeholders. This loan is a new step towards that commitment and reinforces our firm bet to sustainability."
BBVA, a reference in sustainable financing
As an evidence of its firm commitment with the fight against climate change, BBVA approved in 2018 its 2025 Commitment, through which it will use 100,000 million euros until 2025 in green financing, sustainable infrastructures, social entrepreneurship and financial inclusion. The bank has the capacity, the knowledge and the experience to provide its clients with superior advice on sustainable financing solutions and is playing a key role in the development of this market.
In the sustainable loans business, BBVA has been a pioneer and a key driver, and today it is one of the most active entities at a global level and leader in Spain. The bank has led in 2018 a total of 17 transactions in Europe and America for clients from different sectors and has been the entity that has acted on more occasions as coordinator and / or sustainable agent. As of the end of June 2019 it has led other 11 transactions.
About CIE Automotive
CIE Automotive is an industrial group specialized in high value added processes based in Bilbao. It is a global supplier of components and sub-assemblies for the automotive market that offers a business model based on the diversification of technologies, customers and geographies, which gives it a unique positioning and allows the company to supply a wide variety of products to diverse customers located in the main markets worldwide. The group has 113 production plants in 16 countries and employs more than 30,000 people.