SPAIN Law and Practice Contributed by: Miguel Cases, Toni Barios, Joaquín Fabré and David Navarro, Cases & Lacambra
and laws protecting the environment and controlling certain contaminating agents. The relevant applicable authorisations necessary to build and operate a project in Spain from the state, regional and local authorities take into consideration the environmental impact of each project. ESG issues are relevant because certain projects may be financed under green loans or sustainability- linked loan principles, and also because ESG report- ing duties apply to companies and group companies exceeding certain thresholds and, in accordance with the public procurement regime, ESG breaches may result in prohibitions on entering into public contracts.
Spanish banks adhere to the Equator Principles, a set of guidelines for ESG issues related to the financing of development projects, aimed to mitigate any potential negative impacts. It is common practice for Spanish banks to require the application of the Equator Prin- ciples when financing projects in Spain. In terms of health and safety, sponsors and poten- tial lenders participating in project financing in Spain shall bear in mind that in addition to labour legisla- tion, employers shall ensure the health, safety and well-being of their personnel in the work environment in accordance with the occupational risk prevention legislation.
579 CHAMBERS.COM
Powered by FlippingBook