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Signature(s)

Amount
€ 125,000,000
Countries
Sector(s)
Italy : € 118,750,000
Transport : € 125,000,000
Signature date(s)
18/06/2025 : € 6,250,000
18/06/2025 : € 118,750,000

Summary sheet

Release date
26 June 2025
Status
Reference
Signed | 18/06/2025
20230628
Project name
Promoter - financial intermediary
FERROVIE DELLO STATO GREEN BOND FRAMEWORK (GBPP)
FERROVIE DELLO STATO ITALIANE SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 300 million
EUR 600 million
Location
Sector(s)
Description
Objectives

The project involves the subscription of Green Bonds to co-finance eligible investments in sustainable mobility, as promoted by Ferrovie dello Stato Italiane under its Green Bond Framework.

The objective is to enhance the quality, availability, and reliability of rail services in Italy, leading to savings in time and vehicle operating costs, a reduction in infrastructure maintenance expenses, and an improvement in railway safety. The project aims to promote a modal shift from road to rail, providing environmental and road safety benefits while contributing to the advancement of sustainable transport in alignment with EU objectives. The proceeds under the green bond framework focus on electric railway infrastructure and rolling stock, therefore they are in line with the criteria for substantial contribution to tackle Climate Mitigation under the EU Taxonomy. Consequently, the project supports Climate Action and Environmental Sustainability (CA&ES) objectives outlined in the Climate Bank Roadmap. Some project components are expected to be located along lines within the Trans-European Network (TEN-T), while others will be located in less developed or transition regions, thereby supporting cohesion objectives.

Additionality and Impact

The operation consists of the purchase of green bonds under a public issuance by Ferrovie dello Stato Italiane SpA (FS). According to the Green Bond Framework published by the Promoter, these bonds will primarily finance investments in electric rolling stock for both passenger and freight transport, as well as existing or new electrified railway infrastructure (in particular related to the completion of the Italian High-Speed network).

The components financed under this operation will increase quality, availability and reliability of rail services in Italy or other EU countries. The financed components are expected to generate time and vehicle operating cost savings, reduce maintenance costs of the infrastructure and improve railway safety. The underlying Projects are expected to contribute to modal shift from road to rail and, thereby, present environmental and road safety benefits as well as contribute to the development of sustainable transport in line with EU objectives.

The operation is part of the innovative Green Bond Purchase Programme approved in 2022 and aimed at investing into public green bonds. The active role of the Bank in the green bond market - either as issuer either as investor - is expected to provide a meaningful contribution to several European policy goals, such as the development of the Capital Market Union and European regulatory standards, including Corporate Sustainability Reporting Directive and the EU Green Bond Standard.

The EIB involvement as anchor investor is expected to broaden the investors' base, reduce the price volatility on secondary market and provide a positive signalling effect to green bond market participants.

Environmental aspects
Procurement

The project will have a positive environmental impact by supporting railways in maintaining and enhancing their modal share in crucial areas of the passenger and freight market that are best suited for rail transport. All projects financed with the bond proceeds will comply with the criteria of the EIB's Climate Action and/or CA&ES objectives.

The promoter shall ensure that contracts for the project implementation have been tendered in accordance with the applicable EU procurement legislation, Directives 2014/23/EU, 2014/24/EU, 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Comments

In line with similar operations targeting the purchase of Green Bonds, the pipeline of eligible investments is not known at the moment of appraisal. Total Project Costs is a preliminary estimate of the Bank of the potential pipeline of future eligible projects that the Promoter is expected to allocate under the future Green Bond issuances

Milestone
Under appraisal
Approved
Signed
3 June 2025
18 June 2025

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) - FERROVIE DELLO STATO GREEN BOND FRAMEWORK (GBPP)
Publication Date
1 Jul 2025
Document language
Main Topic
Lending
Document Number
197163469
Document Focus
Environmental Information
Project Number
20230628
Sector(s)
Regions
Countries
Publicly available
Download now

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