- The EIB financing is supported by InvestEU and SACE’s Archimede guarantee
- The investments aim to improve water security, service quality, environmental protection and climate resilience in the provinces of Livorno, Pisa and Siena
- The initiative is part of the EIB Group’s broader support for the city of Livorno, following financing for the conversion of Eni’s refinery into a biorefinery and backing for the Port of Livorno’s Darsena Europa project
The European Investment Bank (EIB) is providing €100 million in financing to ASA Azienda Servizi Ambientali S.p.A. (ASA), the integrated water service provider for 32 municipalities in the provinces of Livorno, Pisa and Siena. The financing is supported by SACE’s Archimede guarantee and by InvestEU, the European Union programme through which the EIB Group has already invested more than €6 billion in Italy.
The project consists of a broad portfolio of measures designed to strengthen water supply security, modernise distribution networks, optimise wastewater treatment systems and digitalise operational processes. The investments are intended to ensure more efficient, sustainable management of integrated water services in line with European environmental requirements, while addressing risks linked to water scarcity and the impact of climate change.
Milena Messori, Head of the EIB Office in Italy, said: “With this operation, we are confirming the EIB’s commitment to supporting Italian regions and utilities in accelerating investments that are essential for people’s quality of life and local competitiveness. In Tuscany, our support for ASA will help strengthen a vital public service, making water infrastructure more efficient, digital and resilient. The backing of InvestEU and SACE’s guarantee enables European and national resources to be mobilised for concrete investments that can generate lasting benefits for Livorno and the entire area served by ASA.”
“The EIB financing, with SACE’s support, is an important recognition of ASA’s credibility and the quality of the work carried out in recent years,” said Stefano Taddia, Chair of ASA’s Management Board. “This is a long-term result that will enable the company to plan more effectively the investments needed to support the development of the region, improve services and respond to the environmental and infrastructure challenges ahead.”
“This operation has a dual purpose: managing the present and building the future,” said Valter Cammelli, Chief Executive Officer of ASA. “The new resources will enable us to accelerate planned investments, deliver additional strategic works and strengthen the company’s operational capacity. At the same time, a stronger financial structure also means greater continuity in implementing industrial programmes and more predictable timing in managing relations across the entire supply chain.”
Antonio Bartolo, Head of SACE’s Central Italy Network, said: “We are pleased to stand alongside the EIB and ASA in modernising integrated water services in Tuscany, with our Archimede Guarantee which, in line with the mandate entrusted to us by the Ministry of Economy and Finance, enables us to support strategic investments across Italy. Water security, environmental protection and climate resilience are central to regional development and the country’s competitiveness.”
The programme includes integrated measures across the entire water service chain, starting with the strengthening of supply infrastructure through new wells, electrical upgrades, pumping stations and local treatment plants to improve service reliability and continuity. It also includes the modernisation of distribution networks through district metering, pressure management, pipeline rehabilitation and new interconnections, with the aim of reducing losses and improving flow control. In wastewater collection and treatment, the programme covers upgrades to plants and treatment processes to ensure greater efficiency and full environmental compliance, while cross-cutting investments include service digitalisation through SCADA systems, GIS and hydraulic modelling, as well as the renewal of vehicles, equipment and operational information systems.
The initiative is part of the EIB Group’s broader support for the city of Livorno, following the €90 million agreement signed in 2024 in support of the Port of Livorno’s Darsena Europa project and the €500 million financing announced in 2025 to convert Eni’s refinery into a biorefinery.
EIB support for Italian utilities
The operation confirms the EIB’s role as the leading European public lender to the water sector, supporting Italian utilities in improving and modernising essential infrastructure. The financing for ASA Livorno forms part of a broader Bank strategy in Italy: in 2025 alone, the EIB supported Italian utilities with €837 million, helping finance the investments of some of the country’s leading companies. These include MM S.p.A. (€100 million); SMAT (€100 million); Gruppo CAP (€100 million); BrianzAcque (€45 million); Acqua Novara.VCO (€150 million); Azienda Comprensoriale Acquedottistica S.p.A. (€30 million) and ACEA (€90 million), in addition to the subscription of the sixth issue of Viveracqua’s Hydrobond (€200 million). These agreements help improve access to drinking water for millions of people, reduce hydrogeological risk and promote more sustainable resource management.
Background information
EIB Group
The European Investment Bank Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships, and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.
In 2023, the EIF together with six EU Member States (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund of funds to scale up innovative startups. As of February 2026, this initiative has already enabled the creation of 14 European venture capital mega funds and scaled up 40 companies, including 11 unicorns (with more than €1 billion in capital). Photos of the EIB Group’s representatives and headquarters, logo files and video B-roll for media use are available here.
The InvestEU programme provides the European Union with crucial long-term financing, leveraging substantial public and private funds to support a sustainable recovery. It also helps mobilise private investment for EU policy priorities such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making financing for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that invest in projects using the EU budget guarantee of €26.2 billion. The full budget guarantee will support the implementing partners’ investment projects, increasing their risk-bearing capacity and thereby mobilising at least €372 billion in additional investment.
ASA Livorno
ASA Azienda Servizi Ambientali S.p.A. operates in integrated water services and gas distribution. Since 2002, it has been the sole operator of the integrated water cycle in ATO 5 Toscana Costa, serving around 360 000 people in 32 municipalities in the provinces of Livorno, Pisa and Siena, including the main islands of the Tuscan archipelago. For gas distribution, ASA is present in five municipalities in the province of Livorno, serving around 222 000 people.
SACE is Italy’s export credit agency and is owned by the Ministry of Economy and Finance. It specialises in supporting the growth of Italian companies through a wide range of instruments and solutions for exports and competitiveness, including risk management and protection, financial guarantees, factoring, advisory services and business matching. With a network of export advisers in 23 offices in Italy and in high-potential markets for Made in Italy products, SACE has a portfolio of insured operations and guaranteed investments totalling around €290 billion in 200 markets worldwide.