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.
A shared commitment to the climate challenge and strong sustainability goals
Enel turned to NatWest 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 NatWest 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 NatWest 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 NatWest Group. Their focus on climate and the transition to a zero-carbon economy aligns perfectly to the NatWest 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 NatWest.
Read more about our commitment to climate challenge on the NatWest Group Purpose site.
NatWest 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.
1 Enel 2021-2023 Strategic Plan, www.enel.com/investors/strategy, published 24 November 2020.
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