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Signature(s)

Amount
€ 94,001,168.93
Countries
Sector(s)
Italy : € 94,001,168.93
Energy : € 28,200,350.68
Industry : € 65,800,818.25
Signature date(s)
28/11/2024 : € 28,200,350.68
28/11/2024 : € 65,800,818.25
Link to source

Summary sheet

Release date
10 January 2025
Status
Reference
Signed | 28/11/2024
20230128
Project name
Promoter - financial intermediary
FINDOMESTIC ENHANCED GREEN ENERGY LOANS
FINDOMESTIC BANCA SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 94 million
EUR 399 million
Location
Sector(s)
Description
Objectives

Operation dedicated to finance energy efficiency and renewable energy projects carried out in Italy by private individuals.

The operation consists of a EIB guarantee on a mezzanine tranche of a synthetic securitisation promoted by Findomestic SpA, the Italian subsidiary of BNP Personal Finaance, part of BNP Paribas Group. The EIB guarantee will free up capital of the financial intermediary which will be able to generate a new portfolio of green retail consumer finance loans in the amount equal to 2.6x the guarantee amount. The new loans will target energy efficiency and alternative energy production equipment purchased and installed by Italian individuals and households. This is a first operation ever for EIB in Italy targeting retail segment as final beneficiary of EIB resources and bearing a full climate action purpose.

Additionality and Impact

The operation, in the form of a EIB guarantee on a mezzanine tranche of a synthetic securitization of consumer loans, aims at generating a new portfolio of eligible loans to Italian individuals and households which will be dedicated to projects and investments on Climate Action and Environmental Sustainability (CA&ES) field.

The operation primarily seeks to improve and diversify access to finance by private individuals who are keen to undertake energy efficiency investments in existing buildings and are engaging in small scale renewable energy projects. It will bring positive externalities, through reduced carbon emissions, greater energy efficiency and improved energy security. The project is fully aligned with the EU Renovation Wave Strategy, REPowerEU strategy and Italian NECP 2030. The project supports the climate action objective of the Bank.

The EIB guarantee will increase promoter's lending capacity to the final beneficiaries, providing them with new lending on financially advantageous terms, such as diminishing the financing costs of the underlying EE projects, and/or benefiting from other non-financial advantageous.

The Financial Intermediary, despite being a first time EIB borrower in Italy, belongs to a financial banking Group which has long experience and strong track record in allocating EIB financing. The EIB is also leveraging both on its own and on promoter's solid expertise in ABS operations in order to put in place a structured finance operation which will be critical to support private individuals in their contribution to mitigate global warming. Technical features and policy targets of this operation are highly innovative and original by financial market practices.


Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
25 April 2024
28 November 2024
Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - FINDOMESTIC ENHANCED GREEN ENERGY LOANS
Publication Date
31 Jan 2025
Document language
Main Topic
Lending
Document Number
179918463
Document Focus
Environmental Information
Project Number
20230128
Sector(s)
Regions
Countries
Publicly available
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