(Alliance News) - Snam Spa on Tuesday announced the signing of a new Sustainability-linked revolving credit line for a total amount of EUR4.00 billion, with an option to increase to EUR1.10 billion.
This line, which complies with the Group's Sustainable Finance Framework, is the most significant in the utilities sector in 2024 and includes indicators related to Scope 3 emissions reduction.
The credit line consists of two tranches of EUR2.00 billion each, with respective maturities of three and five years. The financing is linked to key sustainability goals, including reducing Scope 1, 2, and 3 emissions and increasing the number of women in senior and middle-management roles.
These goals align with Snam's transition roadmap, which aims for Carbon Neutrality by 2040 and Net Zero by 2050.
The deal involves 24 financial institutions, including Mediobanca, Intesa Sanpaolo and UniCredit as global coordinators, and Bank of America and MUFG as sustainability coordinators. Other participants include BNP Paribas, CaixaBank and Société Générale.
Snam CFO Luca Passa said, "This new credit line is a key step in consolidating our financial flexibility and reinforcing our commitment to secure 85 percent of funding from sustainable finance by 2027."
This initiative follows the issuance of a EUR1.50 billion dual-tranche Sustainability-Linked bond and underscores the role of sustainable finance in Snam's climate strategy.
Snam's stock is in the red by 0.8 percent at EUR4.358 per share.
By Antonio Di Giorgio, Alliance News reporter
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