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BBVA signs its first sustainable working capital loan in Asia with SK Innovation
SK Innovation received a 100 million euro working capital loan from BBVA to finance the construction and operation of the company’s second battery plant in Hungary. SK Innovation will therefore increase its production capacity with the aim of supplying more cells to meet the growing demand from European manufacturers of electric vehicles. The funds will be used for the development and manufacture of batteries as well as for the research and development (R&D) of new, more efficient and safer battery technologies for pure electric and hybrid vehicles, motorcycles and bicycles.
The construction of the battery plant is a green project and the loan has been certified as such in accordance with BBVA’s sustainable banking transaction framework. The SK Innovation project focuses on clean energy, the development and manufacture of new technologies and sustainable cities. Development in these areas will bring major improvements in terms of mobility and quality of life for citizens around the world.
With this agreement, BBVA takes a new step in the field of sustainable finance: the formalization of its first sustainable working capital loan in Asia. The agreement also serves to strengthen the bank’s commitment to the fight against climate change by supporting the automotive sector in its transition to a greener future. BBVA believes that Asia is a key region and represents an important opportunity as many of its best companies are growing in countries where BBVA has a presence. BBVA is well positioned because it can offer its customers high added value solutions in Europe, particularly in countries such as Spain and Turkey, North America and Latin America.
Francisco Javier Fernandez De Troconiz Nunez, Global Head of Trade and International Banking at BBVA, comments: “We are delighted to conclude the first sustainable working capital loan in Asia and thus support SK Innovation in its green project in Europe. BBVA’s framework for a sustainable transactional banking is unique in the industry, and we are committed to developing sustainable transaction products globally. “
SK innovation is the leading company in the Korean energy sector and a leader in the global electric battery industry. With its second battery plant in Hungary, SK Innovation intends to further strengthen its presence on the European market. This increase in production is in line with long-term supply contracts with some of Europe’s largest automakers, including Volkswagen and Mercedes-Benz.
BBVA, leader in sustainable finance
As a sign of its firm commitment to the fight against climate change, BBVA approved its 2025 Pledge in 2018, for which it has already secured 40 billion euros against its 2025 target of 100 billion euros for green financing, infrastructure sustainable, social and financial entrepreneurship. integration projects. The bank has the expertise, knowledge and experience to provide its clients with quality advice on sustainable financing solutions and plays a key role in the development of this market.
In 2018, the bank took a new step forward in its objective of supporting its corporate clients in their sustainable financing strategies with the creation of an innovative sustainable transaction product framework, the first of its kind in the industry. This methodology allows the bank to classify the transactional banking operations of its customers as green, social or sustainable.
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