LETTER FROM OUR CEO
LETTER FROM OUR CEO
At IEnova, our mission during 2020 was to safely, and without interruption, provide energy to all our customers. Simultaneously, we applied the strictest health and safety measures to ensure the health of our employees and their families.
I am proud to report that despite the complications faced around the world, at IEnova we had revenues of USD$1,261 million and we increased the value of our assets from USD$9,553 million in 2019 to USD$10,466 million this year. We maintained a healthy liquidity and good access to credit lines.
This year we completed an international offering of Senior Notes to refinance short-term debt for US$800 million, unsecured, with a 4.75% rate, which are due in 2051. The Notes received an investment grade rating that exceeded BBB.
We also received authorization to enter into a USD$241 million 15-year credit facility with the US International Development Finance Corporation (DFC) and entered into a credit agreement with Japan International Cooperation Agency (JICA) for USD$100 million, both of which will be used to finance or refinance the construction of the company’s portfolio of solar power projects. Among the year’s most outstanding achievements is the final investment decision for the first natural gas liquefaction project in the country, which will be jointly developed with Sempra LNG and a subsidiary of Total.
At all times, we prioritized the health and well-being of our employees, contractors, and communities and we ensured high quality service at our operations, which we have always been known for.
In 2020, we also strengthened our position as a leading Mexican company in terms of corporate governance, social responsibility, and environmental stewardship. We reaffirmed our commitment to the fight against climate change and aligned our efforts to report for the first time in compliance with the methodology of the Task Force on Climate-related Financial Disclosures (TCFD).
Over the course of the year, we invested USD$10.2 million in our communities, the environment, health and safety, and compliance. Additionally, we reiterated our commitment to the Ten Principles of the UN Global Compact and to the Sustainable Development Goals.
For the seventh consecutive year, we obtained the Great Place to Work (GPTW) Certification, which placed us in the top 25 positions in their ranking of the 100 best companies to work for in Mexico.
In recognition of these and other achievements, IEnova was the first company in the energy sector to be included in the Sustainability Index of the Mexican Stock Exchange, which recently changed its name to S&P/BMV Total Mexico ESG Index. We were included for the first time in the S&P Dow Jones Sustainability Index (DJSI) Emerging Markets, which recognizes companies with best practices in sustainability in emerging markets. We are also part of a series of FTSE4Good indexes and are the first company in the energy sector to be included in the FTSE4Good BIVA index.
In 2020, we maintained an AA or Leader ranking in the ESG assessment of the MSCI. We obtained the Prime ISS ESG rating for the first time. Furthermore, in 2020 we debuted in the Carbon Disclosure Project (CDP) listing, with a B rating.
We also received HR Ratings HR PAC2+ score, which was the highest granted to any company in Mexico in terms of compliance with their Integrity Policy.
One of the greatest takeaways of 2020 is the importance of gratitude. At IEnova we are very thankful to our clients for their loyalty, to our suppliers for their service, to our investors for their trust, to our Board members for their support, to our communities for being part of our projects, and to our authorities for their willingness to move forward. We are especially grateful to our employees for their dedication, commitment, trust in the company, and for working together with enthusiasm to successfully adapt to the changes the year imposed on us.
TANIA ORTIZ MENA
Chief Executive Officer
Infraestructura Energética Nova, S.A.B. de C.V.