Instituto de Crédito Oficial (ICO) is a Spanish lending institution. The bank provides funding to investment projects and to assist the liquidity needs of Spanish companies. ICO also operates as State Financial Agency. Instituto de Credito Oficial (ICO)'s business purpose is to facilitate the development of Spain's economy and enhance economic cooperation with foreign countries. It does this through the provision of financial support for export and import transactions and domestic infrastructure projects. Via its venture capital and equity investment arm, it is involved in projects involving transport infrastructure, energy, social aspects and services. ICO was created in 1971 as public law entity and became a State company in 1989. The company is attached to the Spanish Ministry of Economic Affairs and Digital Transformation (MINECO).
The proceeds of this green bond are used to (re)finance existing and future projects that provide environmental benefits and promote sustainable development. The issuance size is EUR 500 million, of which EUR 154 million is allocated to wind power, EUR 328 million to solar power, EUR 4 million to biomass, and EUR14 million to clean transportation. The total installed capacity in wind and solar power financed by this green bond is 3,723MW, whereas avoided CO2 emissions amount to 263,030 tonnes.