- The investments aim to improve the coverage, quality and resilience of integrated water services in the Italian region of Lombardy.
- The EU bank is financing the development of new water mains to connect water supply systems and the construction of new sewerage networks.
- The project is line with the Paris Agreements and the EIB’s climate goals.
The European Investment Bank (EIB) is providing €60 million in financing to Tea SpA to support the group's investments across the Italian province of Mantua from 2022 to 2026, benefiting over 300 000 residents.
The investments — implemented by Tea SpA subsidiary AqA Srl — aim to support wastewater infrastructure to improve the coverage, quality and resilience of integrated water services in Lombardy. The EIB assistance will enable Tea SpA to reduce water losses and improve energy efficiency and resilience to extreme weather events, thereby helping to combat climate change. An estimated 200 jobs will be created to implement the financed investments.
Specifically, the EIB funds will be used to finance the development of new water mains to connect water supply systems, the renewal of supply systems via a reduction in water losses, and the construction of new sewerage networks, including associated works and wastewater treatment plants.
The project will have substantial benefits for the environment (reducing unused water) and public health (increasing the coverage and quality of wastewater collection and treatment services). The works will also help reduce CO2 emissions and are in line with the Paris Agreements and the EIB’s Climate Bank Roadmap. The EIB is the EU climate bank and one of the world's largest lenders to the water sector, with over 1 600 projects and almost €79 billion in funding.
Gilles Badot, the EIB Operations Director for Croatia, Italy, Malta, Slovenia, Spain and Portugal, said: “Water is a common good and source of life, but is also among the natural resources most affected by climate change. More frequent extreme weather events have a major impact on the availability and quality of water resources: an estimated 800 million people will have to deal with water scarcity by 2025. This is why the EIB, as the EU climate bank, supports projects like that signed with Tea SpA today to improve the coverage, quality and resilience of integrated water services in Europe and across the world.”
CFO of Tea SpA Lorenzo Amadeo added: “We are delighted that our financing request was granted by the EIB, a natural partner for a company like ours. This will make it possible to move forward with the investments covered by the development plan for infrastructure, networks and provincial water systems, which feature environmental improvement, sustainability, quality, energy efficiency and infrastructure resilience.”
Background information
The European Investment Bank (EIB) finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2020, the EIB Group provided €23 billion in financing for projects in Italy.
Tea Group
Tea SpA provides local public services in the province of Mantua, covering the water cycle, urban sanitation, waste treatment and disposal, public green spaces, energy (electricity, gas and district heating), public and artistic lighting, gas and heat distribution infrastructure, electric mobility, and cemetery and funeral services. On 1 January 2022, Tea SpA became a benefit company (Società Benefit), consolidating its commitment to a sustainable growth model.