Acciona has arranged the first Green Letter of Credit in the European financial system with CaixaBank for a total of US$129 million.
A letter of credit is an instrument through which a financial institution guarantees a company's payments to its suppliers; in this case, it qualifies as "green" because it is linked to a sustainable development project aimed at mitigating climate change.
The green letter of credit under which CaixaBank guaranteed the payments undertaken by Acciona was used to supply photovoltaic modules for the construction of the Puerto Libertad photovoltaic plant in the state of Sonora, Mexico.
The 405 MWp plant is already in commercial operation and produces enough electricity to supply 583,000 homes as well as avoiding the emission of more than 925,000 tons of CO2 into the atmosphere each year.