ENI BIOREFINERY

Promoteur – Intermédiaire Financier

ENI SPA

Lieu

• Italie

Description

The project concerns the construction and operation of a 500 ktpa advanced second-generation biofuels production facility located in Livorno, in the Tuscany region of Italy.

Additionality and Impact

The Project is well aligned to the EU decarbonization policies and contributes, among the others, to achieving the objectives of the Green Deal, the "FIT for 55" package, the REDIII (EU/2023/2413) Directive and the RePowerEU, by enhancing the EU production capacity of clean alternatives to fossil fuels, i.e. Hydrogenated Vegetable Oil (HVO) low carbon biofuels produced from biomass residues.

 

The low-carbon biofuels produced will reduce carbon and air pollution externalities from the transport sector. The upcycling of waste like Used Cooking Oil (UCO), animal fats and other industry residues, reduce negative impacts from their alternative disposal. Low-carbon technologies contribute towards increasing security of energy supply, considered as a public good. The investment is therefore strongly aligned to several EIB Public Policy Goals.

 

The Project is implemented by an experienced Promoter that has a strong experience in the biofuels sector, including in similar projects. The Project allows ENI to increase the share of low carbon fuels it produces, supporting the Company's shift towards sustainability. In fact, the Project will be the first step towards the conversion of the Livorno refinery into a biorefinery site.

The produced second generation (2G)/advanced biofuels will deliver significant Greenhouse Gas (GHG) savings. This will result in economic returns that are significantly higher than the financial returns.

 

The Bank's financial contribution is considered valuable to the client, as the EIB's offering is more favourable than other market alternatives under various dimensions (e.g. longer tenor, availability and grace periods, convertible or revisable rates). The EIB loan will further diversify the Borrower's financing sources, complementing those from commercial banks and the capital markets.

Objectifs

The project aligns with the EU's broader decarbonisation goals, aiming for climate neutrality by 2050. It contributes to the EU Green Deal and the Fit 55 package by supporting a 55% reduction in greenhouse gas (GHG) emissions by 2030. The biofuel plant focuses on replacing fossil fuels to decarbonise the transport sector, aiding the EU targets outlined in the REDIII Directive. Notably, the plant will use feedstock listed in Annex IX parts A and B of the Directive. Additionally, the new facility supports the RePowerEU objectives by enhancing the EU's capacity to produce clean alternatives to fossil fuels. This helps reduce reliance on fuel imports and enhances energy security. The project also aligns with Fuel EU Maritime and could, in the future, support ReFuel EU Aviation targets by supplying low-carbon fuels for challenging-to-decarbonise sectors.

Secteur(s)

• Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

Montant BEI envisagé (montant approximatif)

EUR 500 million

Coût total (montant approximatif)

EUR 741 million

Aspects environnementaux

The project will be appraised and monitored in line with the relevant EIB's policies, including the Environmental and Social Sustainability Framework. Compliance with the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU) and with the Industrial Emissions Directive 2010/75/EU will be verified during the appraisal.

Passation des marchés

The EIB has assessed the Promoter as a private company not subject to EU rules on public procurement or concessions. However, if during the project appraisal the EIB determines that the Promoter is subject to EU public procurement legislation, the European Commission will be notified, and the Promoter will need to comply with those rules.

Statut

Signé - 23/07/2025