Sacyr published today the second version of its Sustainable Financing Framework, renewing its commitment to integrating sustainability into the company's financing activities.
Updates to the framework include revisions to the KPIs related to Scope 1 and 2 CO2 emissions. This modification aligns with the calculation methodology based on the consolidation approach used in the company's Financial Statements, in accordance with the CSRD (Corporate Sustainability Reporting Directive) and the Group's change in perimeter following the divestment of its services business.
In addition, a new KPI linked to Scope 3 emissions has been incorporated, consistent with the company's strategic sustainability objectives. All of these indicators have been validated by the SBTi.
The document governs the eligibility of Sacyr projects’ for various sustainable financing instruments available in the market, following the principles established by the International Capital Market Association (ICMA) and the Loan Market Association (LMA) for green, social, and sustainability-linked financial instruments, using established KPIs.
These principles obey a set of international standards that an increasing number of companies are voluntarily adopting, promoting the inclusion of increasingly rigorous environmental, social, and governance (ESG) criteria in financing decisions.
An innovative tool
Sacyr first published its Sustainable Financing Framework in 2023 as a tool to enhance the transparency, disclosure, and integrity of its sustainable financing initiatives, adhering to the highest international sustainability standards to ensure the rigor and quality of reporting.
The company received a positive Second Party Opinion (SPO) from Det Norske Veritas (DNV), an international certification and classification agency acting as an independent observer.
The framework offers an innovative scope of application, encompassing financial instruments such as green and social bonds or loans, as well as transactional banking products (leasing, supply chain finance, guarantee lines, etc.) and a KPI focused on the reduction of CO2 emissions.
Sacyr's core markets in Europe, South America, and English-speaking countries are eligible for sustainable financing.
Financial resources obtained through sustainable financing instruments, such as bond issuances or loan agreements, will be used exclusively to finance new projects or to refinance existing projects, either partially or in full.
In addition, the Framework aligns with key elements of the company’s ESG strategy and translates them into contributions towards the United Nations' Sustainable Development Goals (SDGs).
Leaders in sustainable financing
Sustainability is a central component of Sacyr's corporate strategy, and the company has been involved in numerous sustainable financing operations.
Examples include the execution of a €500 million syndicated loan with 25 financial institutions, linked to the achievement of environmental commitments defined by emissions reduction indicators, as well as the recent financing of the Buenaventura – Loboguerrero – Buga road corridor in Colombia.
Furthermore, Sacyr issued the first social bond in Colombia for the Puerta de Hierro-Cruz del Viso 5G road (recipient of a LatinFinance award for best local currency financing in 2021), financed the 4G Rumichaca-Pasto highway (recognized with multiple LatinFinance awards, as well as accolades from Bonds & Loans, Proximo, and IJGlobal), and completed the social refinancing of the Pamplona-Cúcuta highway (awarded by Bonds & Loans as the best structured financing in Latin America in 2023).
Sacyr is deeply committed to driving societal progress towards a sustainable future as an intrinsic value of its business and will continue to take ambitious steps in this direction throughout the company’s upcoming strategic cycle.
