ENEL ITALIA CLIMATE ACTION FL

Framework loan to support small to medium-sized renewable energy and energy efficiency schemes to be developed by Enel group in Italy over the next three years.

By supporting renewable energy and energy efficiency investments in Italy, the project will contribute to the achievement of renewable energy and decarbonisation targets in Italy and in the European Union. In addition, the project will deliver health benefits through improved air quality and positive social impact through job creation.

The operation consists of a framework loan to support small to medium sized renewable energy and energy efficiency schemes to be developed by Enel group in Italy over the next three years. The EIB contribution will support ENEL to accelerate the implementation of such investments, hence supporting Bank's priority in the energy sector and climate action objectives. This is crucial to achieve both national and EU 2030 climate objectives. As the majority of the RE investments is located in EIB Cohesion Priority Regions, the Bank will also contribute to economic and social cohesion in rural areas with unemployment rates above the EU average and scarce employment opportunities. This operation addresses the market failures linked to RE and EE, reducing carbon emissions and air pollution. The project is fully aligned with the EU's priorities and goals established in the European Green Deal (particularly in the Renovation Wave for EE). It will foster economic growth and qualified employment in the green sectors. The project will also contribute to improved energy market efficiency and market integration. The proposed loan offers terms and conditions (disbursement mechanics, interest rate options) more flexible than those normally offered by other financiers. The proposed disbursement period and tenor are longer than usually offered by other banks.

This operation aims at generating environmental benefits by supporting projects that help mitigate climate change. The project is in line with the Bank's priority lending objectives for energy efficiency (EE) and renewable energy (RE) and supports Climate Action and Environmental Sustainability objectives (100%).

No procurement issues identified.