BBVA and Nordex Sign Three Green Factoring Operations

BBVA has certified as green three non-recourse factoring operations from the wind turbine manufacturer Nordex. Closed in 2019 for approximately €265 million ($287.78 million), the operations will deduct invoices from wind turbine supplies that the German company will provide to the builder of various wind farms.

Through factoring, the bank directly finances the supplier, helping it to enhance its commercial offer. Thus, the bank facilitates the deferment of payment until the wind farms are operational, which is when the builder disburses all the funds. In this case, a total of 105 turbines will be installed, with a capacity to generate 379.5 MW of energy.

These factoring operations have been classified as green based on BBVA’s sustainable transaction banking framework. Specifically, it is considered green because the funds will be used for the construction of wind energy projects. In addition, they comply with Sustainable Development Goal (SDG) number seven and thirteen: affordable and clean energy, and climate action, respectively. 

With operations like this, BBVA reaffirms its commitment to the United Nations Global Compact Principles, with the goals established in the Paris Agreement from COP21 and with achieving the United Nations Sustainable Development Goals.