Spanish renewable energy popular with foreign banks

by Deborah Cater
international investors and banks interested in Spanish renewable energy projects
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Spain appears to be popular with foreign banks. Not only are international investors enthusiastic about Spanish projects in the field of sustainability, investment banks are also happy to bring their money to Spain.

Banks from Germany, Austria, China, Canada, Italy and America are vying with each other to enter the Spanish market, the Spanish newspaper El País wrote on Monday. Renewable energy sources and sustainability projects in particular are real Spanish magnets for foreign lenders.

Both foreign banks and investors interested 

It’s not only international funds and investors that have an interest. Many banks, which were not active in Spain, now want to participate in the renewable energy projects and operations being developed. Some of the banks that have already taken this step are: Cantor Fiztgerald, North LB, BayernLB, Canadian Imperial Bank of Commerce (CIBC), Investec and Kommunalkredit Austria.

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Refinancing of debt Spanish companies popular

It’s not only new sustainable projects being financed by foreign investors and banks. Many foreign lenders are also showing interest in the debts of existing companies. Foreign banks help Spanish companies out of debt in exchange for their company’s shares or bonds. An example of this is the refinancing of I Squared’s debt from T Solar.  Led by Spain’s Banco Santander and Deutsche Bank, it involves an exchange of over half a billion in bonds.

Sustainability in demand

Spanish banks have also found this gap in the market and are accompanying the IPO of companies specialised in sustainability. This trend is proving to be somewhat popular with foreign investors. Banks, which until recently were unknown in Spain, now see salvation in this way of doing business. In recent months, more foreign investment banks have been pushing to become part of the Spanish renewable energy sector.

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