Bankinter and Cesce sign the first green investment policy of the Balearic Islands to support Estel in the Dominican Republic

Bankinter and Cesce have reinforced their sustainable business by signing a new green investment policy to support Estel's activity in the Dominican Republic. The policy is the first of its kind in the Balearic Islands and marks an important step forward in sustainable financing while helping Balearic corporates to continue their international expansion.

The green investment policy is a form of cover that Cesce launched in the first quarter of 2022 to support the initiation and expansion of activities related to sustainability. The policy provides cover for the risk of default on credits granted to foreign subsidiaries of Spanish corporates to finance green projects or activities, as defined in the EU Taxonomy or Annex IV of the OECD Arrangement.

Bankinter has participated in the financing of this project by Estel Ingeniería y Obras with a loan of US$1.5mn over five years and insurance coverage from Cesce under the green investment policy.

Bankinter has signed this type of green investment policy in the past, considering it a highly appropriate solution that contributes to a more sustainable economy. One of the three pillars of the bank's Sustainability Plan 2024-2026 is precisely sustainable business, which it will continue to promote with new initiatives within Corporate Banking.

Estel is a Spanish family business with an international presence dedicated to the execution of comprehensive installation projects. One of its lines of activity is the development of renewable energy projects, especially in the photovoltaic field. In the Dominican Republic, the transition towards more sustainable energy sources has gained considerable relevance and Estel has played a fundamental role in promoting solar energy through its subsidiary Ediyo.

With a vision oriented towards sustainability, the company focuses on the implementation of photovoltaic projects that help reduce dependence on non-renewable energy sources and promote the growth of the country's energy infrastructure. The company carries out constant monitoring and maintenance to ensure the optimal operation of the facilities throughout their useful life. These projects not only benefit the environment, but also generate employment and promote local economic development.

Additionally, Estel actively works with communities to promote awareness about solar energy and its positive impact. The projects have an inclusive social vision, seeking to improve the living conditions of citizens through access to clean energy sources.

Commitment to the Balearic Islands

Though this policy, Cesce is backing, supporting and assisting Bankinter in helping companies obtain financial backing for green projects. In this case, the financing provided to Estel is another example of Bankinter's commitment to boosting the revitalisation of corporates in the Balearic Islands, where it hopes to continue supporting their international expansion with the help of Cesce. This signature marks the first milestone of its kind on the islands, highlighting its potential and commitment to the environment.

Through these projects, Cesce is contributing to the fight against climate change and to achieving compliance with the Paris Agreement, supporting companies that contribute to these objectives through their international activity. In the case of Estel, the amount of financing amounts to 1.5 million USD.

About Estel

Estel is a family business with more than 30 years of experience and international presence that offers comprehensive advanced solutions for energy, home automation, design and sustainability. Its aim is to be the trusted partner in installations. Since its founding in 1995 in Palma de Mallorca, Estel has carried out more than 1,500 projects in 22 countries, standing out for its flexibility, experience and team of top-level professionals.

It specialises in the execution of comprehensive installation projects and in the investment and development of sustainable energy projects, such as photovoltaic solar plants, battery storage, cogeneration and trigeneration plants, and water treatment through osmosis plants.

Estel has a commitment, a legacy of innovation, sustainability and responsibility. Its history speaks of trust, excellence and relationships that transcend time, promoting innovation in comfort and operational peace of mind.

About Cesce

Cesce, the Spanish Export Credit Insurance Company, is the head of a group of companies that offers comprehensive solutions for commercial risk management and the issuance of bail bonds and guarantees in Europe and Latin America. In addition, it acts as an Export Credit Agency (ECA) on behalf of the Spanish State, managing export credit insurance. Cesce drives the long-term growth of its more than 120,000 customers by providing them with intelligent solutions for commercial credit management that cover the entire business value chain (market research, risk management and transfer and access to financing) and surety and guarantee solutions that enable them to address new projects and businesses.

About Bankinter

Bankinter is the fifth largest Spanish bank and the most resilient in Spain and the third in Europe, according to the latest stress tests carried out by the European Banking Authority (EBA). It is distinguished by the quality of its assets and is one of the most profitable financial institutions in terms of return on equity (ROE) as well as one of the most efficient. It also has one of the lowest non-performing loan rates in the financial system. The bank closed 2024 with a net profit attributable to the group of 953 million, 13% more than in the previous year. Financing for corporates is a key pillar of its business, as shown by its Corporate and SME Banking loan book, which currently stands at 34.7 billion euros, up 6% on 2023, and has grown steadily in recent years, enabling thousands of corporate customers to develop their investment, expansion and advancement projects.