Assessing Alignment to BBVA’s Sustainability-linked Bond Framework

Situation

Food company Borges signed a sustainable loan with BBVA Group for €15.7 million.

BBVA appointed Anthesis to evaluate its sustainability commitment through the issuance of a second party opinion. This external review assesses Borges alignment to BBVA’s sustainability -linked bond framework and its over-arching objectives and strategy.

The conditions of the loan are linked to environmental activities identified during Borges’ industrial production process. Improvements were aimed at reducing the consumption of hexane hydrocarbon during the extraction of oil from seeds and a reduction in the consumption of diesel fuel for heating.

Key services included

• Sustainable finance advisory
• Second Party Opinion report

Impact

The loan will help Borges meet the UN Sustainable Development Goals while also meeting the company’s growth needs.

Juli Tecles, CFO of Borges, stated that “A large part of the funds have enabled production improvements based on energy efficiency criteria, as well as other investments in Industry 4.0.”

Joan Piera, Regional Director of Business and Corporate Banking at BBVA in Catalonia, noted that these operations “consolidate BBVA’s leadership in sustainable bank financing and business support.”