BBVA has worked hand in hand with PreZero Group, Schwarz Group’s environmental service provider, to structure and arrange a sustainable term loan to finance its core operations. PreZero Group’s new term loan totals €150 million. This new deal follows the first green guarantee facility that PreZero Group closed in 2020, also with BBVA.
The PreZero Group is Schwarz Group’s environmental division. Its business activities comprise waste and recycling management, with a particular focus on non-conventional waste management and disposal activities, including source reduction, in-process recycling, reuse, resource recovery and treatment. The activities are considered sustainable by nature and seek to promote the goals defined in the EU Taxonomy Regulation’s Article 9, in particular, that provided in paragraph (d) of said Article: “the transition to a circular economy.” To stress those efforts, the agreement includes a sustainable KPI, which consists in the reporting of the annual production of plastic recyclate in excess of 75,000 tons for the term of the facility.
Almudena López, BBVA’s Head of Corporate Loans in Germany, said: “BBVA aims to support environmental businesses and corporate commitments to sustainability, encouraging companies to be more ambitious in their sustainability agenda. This will help society fight against climate change and will foster best practices. BBVA actively promotes sustainable finance and truly believes in the collaborative effort among treasury and finance teams, sustainability teams and banking experts. Compliance with the EU Taxonomy Regulation goals is a fundamental standard. It has been a pleasure to accompany the Schwarz Group, and more particularly PreZero in this financing.”
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