“For Endesa, the agreement kicks off a new, highly innovative service model, able to offer energy at competitive prices for the customer while respecting social and environmental commitments. This system represents a new way to promote the growth of renewable energy, as part of the decarbonization of the economy that Endesa is fully involved in.”
Our 100% green energy commitment to Sustainable Development
BBVA recently joined RE100, an initiative that involves large companies on the planet that are committed to using 100% energy produced by renewable sources for their business. The bank also aims to reduce, by 2025, 68% of CO2 emissions generated, about 90,000 tonnes.
“With this new project, we are helping to increase the installed capacity of renewable energy in Spain, a key step to reaching ambitious climate goals.”
Today, BBVA in Spain consumes about 237 GWh of energy, completely provided by Endesa and equal to the needs of about 67,500 households. The bank purchases energy from Endesa at a fixed price through green certificates.
Thanks to the new PPA, Endesa and BBVA, in addition to committing even more to the path to sustainability, obtain economic benefits, thanks to the lower cost of energy.
EGP was the first utility in the world to sign PPAs with main financial institutions: in 2013, we signed our first Power Purchase Agreement in Mexico with an affiliate of the international bank Citi Group (Banamex). Since then, many important financial groups, including HSBC, have chosen our renewable energy. BBVA in Mexico has been one of our customers since 2016, and now we are pleased to power the business of its Spanish counterpart, thanks to the construction of a new wind farm in the country.