Phoenix Group, the UK's largest long-term savings and retirement business, announces today that it has invested EUR 60m in Societa Gasdotti Italia S.p.A, the second largest Italian Transmission System Operator with 1,700km of high-pressure gas network.

Gas infrastructure plays a key role in the energy transition in Europe, and part of the proceeds of the refinancing will be used to upgrade the network in preparation for transportation of hydrogen. SGI achieved a 5-star rating from GRESB in the most recent assessment round, demonstrating strong operational ESG performance against peers. Throughout the life of the loan the Company will provide annual reporting on a number of ESG KPIs including Scope 1/2/3 carbon emissions, board gender diversity and health and safety incident rates.

Manuel Dusina, Head of Infrastructure, Phoenix Group, said:

"Core defensive regulated assets like this in jurisdictions outside of the UK are a key element of our approach to diversification when building our portfolio. Investing in line with our sustainability agenda is also important to us, and this investment improves energy efficiency and upgrades in SGI's network, and will play a vital role in the energy transition within Italy and Europe."

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Phoenix Group Holdings plc published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 09:12:10 UTC.