Global law firm Freshfields has advised a banking syndicate of 32 banks led by Banco Bilbao Vizcaya Argentaria and Bank of America on the granting of a €2.5 billion sustainability linked revolving credit facility to Iberdrola Financiación and Avangrid as borrowers and Iberdrola as guarantor. The credit facility has a term of five years, with an option to extend for up to two more years.

Iberdrola is the largest electricity company in Europe and one of the two largest in the world in terms of market capitalisation.

The transaction has been led in Madrid by Ana López, partner in the banking and finance department, together with associates Adrian Adrianov and Raquel Cuesta.

Senior associate Simon Fitzpatrick and special counsel Anouschka Zagorski advised from the Vienna office and partner Kyle Lakin and associate Thomas Heilborn advised from the New York office.