Sustainability-Linked Financing

Goldman Sachs acted as joint bookrunner on €1.5 billion sustainability-linked bond

After inventing a sustainability-linked financing asset class back in 2019, Enel demonstrated continued commitment to the format and its innovation with the first-ever sustainability-linked bond linked to the EU Taxonomy. The €1.5 billion bond featured Scope 1 intensity related to power generation, Scope 1 and 3 emissions intensity for integrated power, proportion of CapEx aligned to EU Taxonomy and absolute Scope 3 emissions related to gas retail.¹ Goldman Sachs acted as joint bookrunner for the successful transaction, and on each of Enel’s SLBs, which in 2022 totaled $12.6 billion.²

 

¹ The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three “scopes.” Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 emissions are all indirect emissions (not included in Scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions.

 

² Enel, “Enel Successfully Launches a Dual-Tranche 1.5 Billion Euro, Sustainability-Linked Bond, in the Eurobond Market,” February 2023; Bloomberg, as of March 3, 2023. https://www.enel.com/content/dam/enel-common/press/en/2023-february/Sustainability%20Linked%20Bond%20ENG.pdf