Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Edison S p A : EIB supports Edison's investments in sustainability

share with twitter share with LinkedIn share with facebook
07/02/2020 | 07:29am EDT

PRESS RELEASE

Milan, 2 July 2020

Italy: EIB supports Edison's investments in sustainability

  • First Green Framework Loan in Italy: €300 million for energy efficiency and renewables projects

  • €150 million loan for upgrade of state-of-the-art combined-cycle power plant in Marghera (Venice)

  • The loans contribute to Edison Group's decarbonisation plan, which aims to ensure the security and stability of the country's power system, in keeping with the transitional phase of the EU bank's new energy lending policy

The bank of the European Union is supporting Edison's green investment plan with new funding of €450 million. The European Investment Bank (EIB) has signed two separate financing operations with the Italian energy group: a Green Framework Loan worth €300 million in support of energy efficiency and renewables projects throughout the country and a €150 million loan for upgrading of a state-of-the-art combined-cycle gas turbine plant in Marghera (Venice).

For the EIB, these operations are in line with the transitional phase of the new Energy Lending Policy (ELP) approved last November, which aims to promote investments combating climate change. The investments supported by the EIB form part of the consolidation strategy of Edison as a responsible operator, whose sustainable business model is aligned with the goals of the National Energy and Climate Plan. Edison aims to substantially reduce its specific CO2 emissions, and double the share of electricity generated by renewable sources from 20% to 40% by 2030. Meanwhile, investment in the combined-cycle power plant in Marghera, which is more efficient and less polluting, ensures stability and security of supply to the national power grid.

The Green Framework Loan is the first operation of its kind in Italy financed by the EIB. This is an aggregate credit line of €300 million, which Edison will use over the next four years for a portfolio of projects across the country in the energy efficiency sector and for the construction of small and medium-sized renewables facilities. The portfolio list includes projects involving the energy upgrading of buildings, in accordance with the Italian government's recently introduced tax regulations contained in the so-called "Development Decree". The term of the loan is 15 years.

For the Marghera Levante facility, the EIB has granted Edison a loan to construct a new state-of-the-art combined-cycle gas turbine plant to replace the old thermoelectric power plant, which is being decommissioned. The Marghera Levante facility will have a total capacity of 780 MW, an energy efficiency rate of 63%, specific carbon dioxide (CO2) emissions 40% below the national thermoelectric power portfolio average, and over 70% less nitrogen oxide (NOx) emissions.

The Marghera facility, one of the latest sustainable projects when the ELP was adopted, contributes substantially to security of supply, i.e. to countering systemic imbalances generated by the production of electricity by renewable sources, significantly reducing the environmental impact caused by the plant previously in operation. As regards the financial aspects of the operation, the €150 million loan will have a term of 15 years and will be disbursed in a minimum of four tranches, mostly at very competitive fixed rates.

Overall, financially speaking the new EIB funding will support Edison's investment efforts thanks to the favourable interest rates of the EIB loans. The EU bank, a non-profit organisation, raises funds on the international markets via the issuance of AAA-rated bonds and passes on the favourable interest rate and maturity terms to the loan beneficiaries.

"Combating climate change is the key challenge facing the world in the coming years. These two Edison operations are addressing this issue which is, along with the COVID crisis, one of the core pillars of the EIB's activity: a few months ago we launched our new financing policy in this field and we are now fully up and running with two loans in Italy which, in terms of the total amounts provided, are among the biggest to date in the whole of Europe", said EIB Vice-President Dario Scannapieco.

"This EIB financing provides important recognition for which we feel deeply honoured - said Edison CEO Nicola Monti -. We are a leading energy transition operator in Italy and this agreement provides confirmation of the validity of our investment plan - focusing on renewables, energy efficiency and gas as a transitional source of energy - and the relevance of these investments in supporting the sustainable development of our country."

Note to editors

The European Investment Bank (EIB) is the long-term financing institution of the European Union. Its shareholders are the EU Member States. The EIB's remit is to contribute to the achievement of the EU's policy objectives by providing long-term finance for viable projects.

EDISON

Sustainability and renewables are in the DNA of Edison, which for more than 135 years has fostered development and progress in Italy with its energy. In 1898 it constructed the country's first hydroelectric power plant and today, as then, it continues to grow in order to build together a future involving sustainable energy. For Edison, developing renewables means first and foremost focusing on wind, photovoltaic and hydroelectric power. Edison's electricity generation facilities include highly efficient combined-cycle gas turbine (CCGT) plants, hydroelectric power plants, wind farms and photovoltaic plants. With an installed capacity of 6.5 GW, in 2019 Edison produced 20.6 TWh of electric power covering 8% of national production. The current electricity generation facilities comprise more than 200 plants, including 93 hydroelectric power plants (31 mini hydros), 14 thermoelectric power plants, 46 wind farms and 64 photovoltaic plants. The Group has a total renewable installed capacity, including the hydroelectric segment, of more than 2 000 MW.

Press contacts

Marco Santarelli (EIB's Rome Office), m.santarelli@eib.org, Tel.: +39 06-4719426; Mobile: +39 331 65 95 594

Website: www.eib.org/press - Press Office: Tel. +352 4379 21000 - press@eib.org

Edison press office

Elena Distaso, 338 2500609, elena.distaso@edison.it;

Lucia Caltagirone, 331 6283718, lucia.caltagirone@edison.it; Lorenzo Matucci, 337 1500332, lorenzo.matucci@edison.ithttp://www.edison.it/it/contatti-2http://www.edison.it/it/media

Disclaimer

Edison S.p.A. published this content on 02 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 July 2020 11:28:00 UTC

share with twitter share with LinkedIn share with facebook
Latest news "Companies"
07:22aWESTROCK CO : Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
AQ
07:22aTRANSDIGM GROUP INC : Results of Operations and Financial Condition (form 8-K)
AQ
07:22aHUGO BOSS : Jefferies gives a Neutral rating
MD
07:21aCHEMBIO DIAGNOSTICS, INC. : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
07:21aHENRY SCHEIN : 2Q Earnings Snapshot
AQ
07:21aKARYOPHARM THERAPEUTICS : 2Q Earnings Snapshot
AQ
07:21aHUGO BOSS : RBC remains Neutral
MD
07:19aCYBERARK : 2Q Earnings Snapshot
AQ
07:19aPICKERING INTERFACES : Launches Turnkey LXI Microwave Switch and Signal Routing Subsystem Service
BU
07:18aINPHI CORP : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
AQ
Latest news "Companies"