CaixaBank SA: Baleria signs the first sustainable financing agreement in the Spanish maritime sector with CaixaBank

Eleanor Roosevelt’s ship

• CaixaBank acted as financing coordinator, insurer and sustainability agent by managing the syndicated loan for an amount of 80 million euros.

• The financing price will be calculated based on two environmental indicators.

• The shipping company Baleària acts as a global reference in terms of sustainability thanks to its pioneering commitment to projects related to gas and renewable energies.

The shipping company Baleària signed the first sustainable financing agreement in the Spanish maritime sector with a sustainable loan of 80 million euros. The financing was calculated using the interest rate based on two environmental indicators: the number of eco-sustainable ships and the number of ships with shore power connections used by the company.

CaixaBank led the syndicated loan, acting as financing coordinator, insurer and sustainability officer. Abanca, Banca March, BBVA, Cajamar and Santander also participated in the financing.

Gas, hydrogen and electric battery powered ships are considered eco-sustainable, as they produce fewer emissions than conventional or clean fuels. Baleària seeks to lead the transformation of the Spanish maritime sector by reducing pollution through the use of cleaner energy. To this end, it has 9 gas-powered twin-engine boats and aims to expand this eco-efficient fleet with at least three additional units over the next 5 years.

To reduce emissions both on the way and in port, Baleària has started investing in providing ships with an electrical connection to the port when they are at berth in order to allow them to remain operational without using fuel. In 2021, Baleària added Eleanor Roosevelt, the world’s first fast ferry with two gas engines, to its fleet, which also has an electrical connection to the port. This allowed it to make the first carbon-free voyage of a ship to Europe, in its first month of operation, using biomethane. The shipping company aims to have almost 15% of its fleet using these power connections by 2026.

The financing was accompanied by a report by Anthesis Lavola, which validated the materiality and relevance of the indicators and their objectives, thus meeting the principles of lending related to sustainability issued by the Loan Market Association. In addition, KPMG Abogados was involved in the operation as legal advisor to the syndicate of lenders.

Baleària

Baleària is the leading Spanish maritime group in the maritime transport of passengers, vehicles and goods, with daily connections to the Balearic Islands, the Canary Islands, Ceuta and Melilla. It is also the only shipping company that connects the four islands of the Balearic archipelago. Internationally, it operates in North Africa (Morocco and Algeria), in the south of France and connects the United States and the Bahamas.

The shipping company is a global reference in terms of sustainability thanks to its pioneering commitment to eco-efficient mobility. under the tagline Rumbo GreenBaleària shares its commitment to the environment and its participation in projects related to the use of renewable energies, such as green hydrogen or biomethane, aimed at achieving carbon neutral navigation by 2050.

Innovation is the key to the identity and leadership of the shipping company. Baleària undertakes projects that place digitization and technology at the service of customers and leverage the capabilities of big data to become a data-driven company.

CaixaBank, committed to sustainability

CaixaBank is one of the financial institutions most committed to sustainability. Through its initiatives, the Bank supports environmentally friendly initiatives and projects that help prevent and mitigate climate change and encourage social development and the transition to a low-carbon economy.

In 2021, the bank mobilized €31.4 billion in sustainable financing, an increase of 150% compared to 2020.

CaixaBank ranked 6th in Europe for green and sustainable loans in the League Tables Top Tier by volume, according to Refinitiv, and reached the top position in Spain.