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Financial activity

Financial institutions have to look beyond the imprint of their own activities to the, at times, substantial impact of the products and services they provide. Caja Madrid addresses this issue from three standpoints:

• Analysing environmental risks

  No Project Finance package may go through without first being vetted by an outside advisor with regard to mandatory environmental standards. Of the total energy and environment-related projects financed under this modality in 2007, 60% dealt with renewable energies (wind power, thermoelectric and photovoltaic solar power and mini hydro stations), biofuels or environmental waste disposal. (Read more: CSR and risk management).

• Marketing products and services of environmental benefit

  (Read more Affinity cards, Read more Socially responsible investment).

• Financing projects to foster the use of renewable energies

  In order to promote respect for the environment and the use of renewable energy sources, Caja Madrid has signed collaboration agreements with various companies and government agencies to offer advantageous financing conditions for environmental care and conservation projects.

  One example is the Renewable Energies Agreement originally intended to finance solar power projects, but whose scope has since been extended to wind power, hydro, biomass, biofuel and biogas projects. The agreement gives access to loans under preferential terms to SMEs, independent contractors, local authorities and natural persons investing in photovoltaic or thermal solar power installations throughout Spain.

  Caja Madrid also runs agreements with companies like Endesa, Tajosolar and the Ministry of Economy and Finance's Instituto para la Diversificación y Ahorro de la Energía (I.d.A.E.) to provide low-interest loans for investments utilising renewable energy sources or to improve energy efficiency. These stand alongside the subsidised loans provided for renewable energy generation in the Madrid Region, with the guarantee of Avalmadrid.

  Caja Madrid and its insurance business partner Mapfre have devised a specific policy covering damages to photovoltaic installations and production down time due to accident or lack of sun.