(Alliance News) - Enel Spa on Friday signed with a pool of financial institutions consisting of Banco BPM Spa, BPER Banca Spa, Cassa Depositi e Prestiti Spa, Intesa Sanpaolo Spa and UniCredit Spa, a EUR12 billion revolving credit line dedicated to collateral hedging needs for Enel and Enel Global Trading Spa's energy market trading activities.

The Line of Credit, guaranteed by the national export credit agency SACE Spa for up to 70% of its nominal amount and with a duration of approximately 18 months, was finalized consistent with, among other things, the provisions of the European Commission's Communication Final on the "Temporary Crisis Framework for State Aid Measures to Support the Economy in the Aftermath of Russia's Aggression against Ukraine" and the European Commission's Decision "State Aid: Changes to the Italian scheme, including an increase in the budget to EUR23 billion, to support companies in the context of Russia's war against Ukraine."

"The line of credit is part of a structured intervention to protect the national energy system, aimed at providing operators in the sector with an additional tool to manage the risks related to the very high dimension assumed by the contracts entered into to hedge industrial positions due to the continuing volatility of the energy markets due to the effects of the crisis. The operation is therefore part of the framework of measures that current regulations make available to all companies based in Italy, which meet specific characteristics, to cope with the negative effects resulting from the Russian-Ukrainian crisis and is in line with similar instruments made available in other European countries," the company explained in a note.

The credit line has no impact on the Enel Group's net financial debt, which has solid liquidity of around EUR24.7 billion at the end of September 2022.

On Friday, Enel closed in the green by 1.0 percent at EUR5.38 per share.

By Claudia Cavaliere, Alliance News reporter

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