EIB and Snam Sign €100M Agreement to Boost Energy Efficiency in Italy

This agreement strengthens the long-standing relationship between the EIB and Snam, with current financing agreements totaling nearly €1.5 billion.

The European Investment Bank (EIB) and Snam have signed a financing agreement worth €100 million to support energy improvement projects in public buildings and enhance energy efficiency in industrial activities. This framework financing agreement will be available in multiple tranches over three years, with each tranche having a maximum total tenor of 15 years.

The projects will be executed by Renovit, a Snam Group company dedicated to energy efficiency. These initiatives aim to improve the energy efficiency of more than 400 public and private buildings across Italy and produce clean energy with a total capacity of approximately 24 MW through the installation of solar panels. According to EIB estimates, the projects will generate renewable energy equivalent to the annual consumption of over 10,000 Italian households and achieve annual energy savings of 84 GWh.

This agreement strengthens the long-standing relationship between the EIB and Snam, with current financing agreements totaling nearly €1.5 billion. The financing aligns with the European Union's climate objectives and the REPowerEU plan, which the EIB has pledged to support with an additional €45 billion in investment by 2027.

"This agreement is a major step towards a greener, more sustainable future for Italy, helping to lower the environmental impact of buildings, which are responsible for some 40% of total CO2 emissions in Europe," commented Gelsomina Vigliotti, Vice President of the EIB. "Promoting energy efficiency measures is essential to ensure European energy autonomy and lower people's and businesses' energy bills."

"This loan from the EIB is another important step in the sustainable finance path Snam has undertaken in recent years and for which we have set ambitious goals," added Luca Passa, Snam's Chief Financial Officer. "We are particularly pleased with the EIB's support because it recognizes Snam’s concrete commitment to assist in Italy's energy transition, in this case through structural initiatives that will make public and industrial buildings even more sustainable."

This initiative marks a significant move towards enhancing Italy's energy efficiency and sustainability, contributing to the country's efforts to meet EU climate goals and reduce carbon emissions.