The BME's fixed income market, MARF, has admitted to trading a new Green Commercial Paper Programme of Greening, for an outstanding balance of 20 million euros. This new program will enable Greening to issue one-year CPs with unit face value of 100,000 euros and maximum maturities of 24 months. This is the first time that Greening is accessing the fixed-income markets to diversify its sources of financing.
Greening has structured the Commercial Paper to be issued under the program to qualify as a green instruments under the Greening Group's "Green Financing Framework 2023", from which it can issue bonds and notes in accordance with the Green Bond Principles and enter into financing contracts in accordance with the Green Loan Principles of the International Capital Markets Association (ICMA). To this end, on September 21, it obtained an expert opinion, Second Party Opinion, issued by SERFIEX, confirming that the Greening Group's "Framework for Green Finance 2023" is credible and generates a positive impact, and is aligned with the four fundamental principles that make up the GBP and GLP.
Beka Finance has participated as Registered Advisor and, in addition to Beka Finance itself, Miralta Finance Bank will be the Placement Entities. KPMG Abogados has been the legal advisor of the commercial paper program.
The company has a long-term rating of BB-, stable trend, by EthiFinance Ratings.
After this listing, MARF now has 18 ESG Commercial Paper Programmes with a maximum outstanding balance of more than 3.1 billion euros.
Greening Group was established in 2011 with the aim of bringing both public and private companies closer to the production of renewable energy from photovoltaic solar energy. In this sector, it develops, designs and builds both industrial self-consumption facilities and large solar farm projects. Greening has an international presence and is vertically integrated in the different stages of the value chain. Throughout its history, Greening has specialized in offering photovoltaic self-consumption solutions, renewable generation projects, energy commercialization and manufacturing of components for the renewable industry in Europe (Spain, Italy, Germany), North America (United States and Mexico) and Africa (Morocco), providing services in all phases of the value chain through its different lines of businesses; development, engineering, construction and maintenance of photovoltaic projects, together with energy generation and commercialization, and its own manufacturing of elements for the renewable energy industry.
At the end of 2022, its turnover reached 43.8 million euros, with a recurring EBITDA of 3.2 million euros. Since April 2023, Grupo Greening has been listed on BME Growth.