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Project Details


Cellnex Sustainability-Linked Financing Framework Second-Party Opinion (2022)


Cellnex Telecom S.A.

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

Jan 2022

Evaluation Summary

Sustainalytics is of the opinion that the Cellnex Sustainability-Linked Financing (SLF) Framework aligns with the Sustainability-Linked Bond Principles (SLBP) 2020 and Sustainability-Linked Loan Principles (SLLP) 2021. This assessment is based on the following: 

Selection of Key Performance Indicators (KPIs)

Cellnex Sustainability-Linked Financing Framework includes three KPIs: (i) (1a) Absolute scope 1 and 2 GHG emissions and scope 3 GHG emissions from fuel and energy-related activities, and (1b) absolute scope 3 GHG emissions from purchased goods and services and capital goods (tCO2e), (ii) sourcing of renewable electricity (%), and (iii) Percentage of women in directors and senior management/managers roles (%), (see Table 1). Based on their materiality, relevance, scope of applicability and adequacy to external benchmarking, Sustainalytics considers KPI 1 very strong and KPI 2 and KPI 3 strong. 

Calibration of Sustainability Performance Targets (SPTs)

Sustainalytics considers the SPTs to be aligned with Cellnex’s sustainability strategy. Sustainalytics further considers SPT 1 and SPT 2 highly ambitious, based on past performance, peer performance and alignment with science-based trajectories. Sustainalytics considers SPT 3 ambitious based on past performance and peer performance. 

Bond/Loan Characteristics

Cellnex has disclosed that the sustainability performance of the Company against selected KPIs and SPTs will be tied to a coupon adjustment or margin adjustment, or a premium payment, in case of a trigger event, which is aligned with the SLBP and SLLP 


Cellnex commits to report on an annual basis on its relevant performance on the KPIs, Cellnex will provide annual relevant reporting until the SPTs’ target dates of all outstanding Sustainability-Linked financing instruments issued under the Framework. The reporting will be made publicly available on Cellnex’s website. This reporting commitment is aligned with the SLBP and SLLP.  


Cellnex commits to have external limited assurance conducted at the minimum against each SPT for each KPI at least once a year, which is aligned with market expectations.