Green Bond Fact SheetRed Eléctrica

Date: 11/02/2020

Issue date: 24-01-2020 Maturity date: 24-07-2028 Tenor: 8.5
Issuer NameRed Eléctrica

Amount Issued

EUR700m/USD775m

Country of risk

Spain

CBI Database

Included

Issuer Type1

Government-Backed
EntityBond TypeSr Unsecured

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☒ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Information on allocation and impact of the green financing will be provided on an annual
basis on the company’s website until full allocation of the net proceeds. These reports will
include information such as the total amount invested in the eligible projects, the ratio of
new and existing projects, the year of investment, the balance of unallocated proceeds, andthe geographical distribution of assets. Key measures disclosed in the impact report will be
the increase of renewable energy capacity and estimated annual CO2 emissions avoided. The
impact report may also include case studies.
Red Eléctrica maintains and operates Spain’s transmission grid. It was founded in 1985 andmanages over 253TWhof energy. The company extends high voltage grid and coordinates
the production and transmission systems. It also operates in Peru and Chile.

Firsts, records andcertifications
Proceeds description

Eligible project categories include renewable energy and clean transportation. This ranges
from investments in integrating and enhancing the transmission capacity for renewableenergy in the grid and the direct integration of renewable energy generation to the grid todecarbonisation projects enabling renewable energy integration, as well as investments inhigh speed rail lines and electrical connections.

Climate Bonds view

Spain ended 2019 with renewables accounting for almost half of the total installed
energy generation capacity. Red Eléctrica’s green bond underpins this trend and thecountry’s ambition to decrease its carbon footprint and to switch to 100% renewableelectricity by 2050. It is great to see such transparency in post-issuance reporting,which will also include the geographical distribution of assets financed. Not only is thislevel of detail rare to see in green bond reports, but it is also particularly important forindustries comprised of interconnected networks of operational assets, which grid
operators clearly fall under.

Underwriters
Deal comments
Credit Rating

A- (S&P)

A- (Fitch)
Pricing summary

Investors summary•••

Interest spread: ms + 43bps
Coupon: 0.375%
Price: 98.963 %1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign