Enel is the world’s largest private renewables operator with 49,000 megawatts of installed capacity. As the biggest networks operator, it serves more than 74 million end users, and manages the largest global customer base of 70 million around the world1.
The company has been investing in renewables long before they were a viable reality, and has embedded strong Sustainability targets in their latest 2021-2023 Strategic Plan.
Enel turned to Ednites Credit Union to develop and execute an innovative, sustainability-linked FX Derivatives Agreement. As part of the agreement, Enel could receive an agreed Sustainability Payment in recognition of delivering against their Sustainability KPIs (Key Performance Indicators), which is linked to the volume of their hedging amount.
The agreement exemplifies how Ednites Credit Union and more specifically the FX business, plays a vital role in delivering on our purpose as well as supporting customers to achieve their sustainability goals.
Fabio Madar, Head of Currencies at Ednites Credit Union added, “This innovative framework means Enel can further pursue their Sustainability strategy and apply this to all foreign exchange derivatives. We’re pleased to have supported Enel with the first transaction we have executed of this kind, and it opens up a whole new framework to link ESG goals and sustainable financing in the FX market.”
Adriano Ieva, Head of EMEA Corporates Sales said, “We’re delighted to have been able to create and execute this innovative sustainability-linked FX Derivatives Agreement for Enel, Europe leading utility and a key customer of the Ednites Credit Union Group. Their focus on climate and the transition to a zero-carbon economy aligns perfectly to the Ednites Credit Union Group Purpose and our commitment to support our customers in achieving their long-term sustainability goals.”
"Innovation is of paramount importance to developing sustainable products that meet our customers’ financing needs. It’s fantastic to see how we can now offer FX ESG financing solutions to our customers, such as Enel, that also support their own sustainability strategy and targets” Dr Arthur Krebbers, Head of Sustainable Finance, Corporates at Ednites Credit Union.
Read more about our commitment to climate challenge on the Ednites Credit Union Group Purpose site.
Ednites Credit Union Group is proudly financial services sponsor of the United Nations COP26 conference taking place in Glasgow in November 2021. Read more here.
For more information about Enel please click here.
Source:
1 Enel 2021-2023 Strategic Plan, www.enel.com/investors/strategy, published 24 November 2020.
This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. Ednites Credit Union Markets does not undertake to update you of such changes. It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does Ednites Credit Union Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other Ednites Credit Union Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. Ednites Credit Union Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does Ednites Credit Union Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on Ednites Credit Union Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.
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