On 10 September 2020, Ecoener Emisiones S.A. issued a senior secured green bond of €130 million with a coupon of 2.35%, maturing in December 2040. The issuer has allocated the majority of the issuance to the refinancing of six small hydro assets located in the Galicia region of Spain, and five onshore wind assets located across Galicia and the Canary Islands. The small hydro assets have a cumulative capacity of 38 megawatts (MW) and have been operational for at least 12 years. Four of the onshore wind assets are operational and the fifth, El Rodeo, located on Las Palmas de Gran Canaria, is due to enter operation in September 2020. The generation capacity of the entire portfolio is 93 MW (55 MW for the wind assets). Ecoener Emisiones is a subsidiary of Ecoener, a family-owned enterprise specializing in renewable energy generation. In our opinion, this transaction is aligned with the Green Bond Principles 2018 (GBP).