Banco Santander has published its Green Bond Report 2024, confirming that three outstanding green bonds totalling EUR 3 billion have been fully allocated to a portfolio of 72 renewable energy projects spanning offshore wind, onshore wind, solar photovoltaic and thermosolar installations. The report, published in December 2025, sets out how the proceeds have been deployed across renewable energy projects, mainly in the United Kingdom and Spain.
The 72 projects comprise 24 greenfield developments — new installations built from scratch — and 48 brownfield projects, meaning existing sites that have been upgraded or refinanced. Each of the three bonds is confirmed as 100% allocated.
CARBON AVOIDANCE AND PROJECT METRICS
The report discloses that the financed portfolio avoided 702,600 tonnes of CO2 emissions during 2024, equating to an intensity of 234 tonnes of CO2 avoided per EUR million invested.
Santander has not announced any new green bond issuance alongside the publication of this report.
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