Enel, the largest utility company in Europe, and Spanish multinational financial services company Banco Santander announced today the launch of a clean energy solutions and finance collaboration aimed at supporting clients in their transition towards more sustainable energy models.

Under the new memorandum of understanding (MOU), the two companies will aim to supply and finance solar facilities, lithium batteries, and energy efficiency solutions for households, SMEs, and corporations. Enel’s energy service business line, Enel X Global Retail, will help Enel design customized turnkey solutions for clients, while Santander will provide tailored financing for the solutions.

Alberto De Paoli, Enel Group CFO, said:

 “Through our partnership with a reputable financing institution such as Santander, we are taking yet another step towards the achievement of a Net Zero society. Sustainability as a business choice can only be pursued through innovation, which is at the core of this agreement.”

The announcement aligns with both companies’ energy transition and sustainable finance commitments. Enel recently announced that it is pulling forward its net zero commitment for both direct and indirect emissions by 10 years to 2040. Santander’s ESG objectives include goals to facilitate the mobilization of €120 billion in green finance by 2025 and €220 billion by 2030, develop green products for its customers, and to engage with customers to support them in the transition to a low carbon economy.

José M Linares, Senior Executive Vice-President at Banco Santander and Global Head of Santander Corporate & Investment Banking (Santander CIB) said:

“We are thrilled to collaborate with a longtime partner such as Enel to further support our clients worldwide in their transition to more sustainable energy models. As pioneers in renewable energy finance, Santander CIB is committed to accelerating this transformation.”