Cellnex updates its sustainable financing framework with BBVA’s advisory
BBVA has advised Cellnex on the update of its sustainability-linked financing framework as Co-Sustainability Structuring Advisor, driving the telecommunications enterprise in the development of its strategy in this area. This mandate reinforces the long-term relationship between both entities and BBVA’s role as a trust partner in sustainability.
Cellnex has updated its sustainability-linked financing framework, originally published in 2023, with the aim of further integrating these criteria into its financial strategy and strengthening its access to this type of instruments. In this process, BBVA has acted as Co-Sustainability Structuring Advisor, supporting the company in the definition of the new framework in line with the most recent ICMA (2024) and LMA (2025) principles, as well as in the selection of key performance indicators (KPIs), the calibration of ambitious sustainability performance targets (SPTs) and the Second Party Opinion process.
In particular, the framework incorporates the following sustainability-linked KPIs and targets: a 70% reduction in absolute Scope 1 and 2 emissions by 2030; alignment of 82% of supplier and client emissions with SBTi targets; an increase to 40% of women in management and leadership roles; and ESG audits covering 100% of high-risk critical suppliers. All KPIs have been assessed by S&P Global, acting as Second Party Opinion provider, as relevant or highly relevant, with targets ranging from ambitious to highly ambitious, reflecting the strength of Cellnex’s sustainability commitments.
BBVA has acted as Co-Sustainability Structuring Advisor, supporting the company in the definition of the new framework
On this basis, the framework will support Cellnex’s continued development in sustainable finance markets, enabling the issuance of sustainability-linked instruments, including loans, bonds and derivatives.
This update is part of Cellnex’s Sustainability Master Plan 2030, which introduces new commitments, including climate targets aligned with the 1.5°C scenario validated by SBTi, and reinforces its focus on areas such as climate action, resilient infrastructure, client focus & business conduct, and social factors.
“This mandate reinforces our relationship with Cellnex at a key moment in its roadmap and highlights our ability to support our clients in the transition of their business models towards more sustainable schemes, through specialised advisory and tailored financing solutions,” said Luis Fuente, Executive Director, del equipo de Sustainability & Low Carbon Transition Advisory at BBVA. “This collaboration not only ensures continued access to this type of instruments, but also lays the groundwork for future issuances and the incorporation of new structures, where BBVA will continue to play a relevant role.”
Alicia Fernández del Víso, Sustainability Director at Cellnex highlights that “with this updated Sustainability‑Linked Financing Framework, we are embedding the Sustainability Master Plan 2030 into the way we finance the business—linking funding to measurable outcomes on climate, people and supply chain. Cellnex sustainability strategy is nor a side narrative, we believe in our commitments and we are ready to be measured against them”
With this transaction, BBVA strengthens its positioning in advising clients on the design of financing frameworks that act as a lever for their continued access to the markets, supporting them in the evolution towards increasingly demanding solutions aligned with best market practices.