Arvedi Secures Green Loan with SACE Guarantee
Arvedi Green LoanArvedi

Arvedi Secures Green Loan with SACE Guarantee

Italy’s flats and tubes producer Arvedi has received a major loan from local financial institutions for green investments to comply with EU's ambitious

Italy’s flats and tubes producer Arvedi has received a major loan from local financial institutions for green investments to comply with EU's ambitious environmental targets. The first SACE-branded operation for the Green New Deal, the European plan that promotes a circular Europe: modern, sustainable and resilient, is destined for green investments by the Arvedi Group. The operation, lasting six years and for a total amount of 240 million euros, was successfully closed with an over-subscription which gave rise to an allotment of the shares among the participating banks. The loan is made up of two tranches: the first, of 165 million euros, in favour of Acciaieria Arvedi Spa; the second, of 75 million euros, in favour of Acciaieria Arvedi Spa, Arvedi Tubi Acciaio Spa and Centro Siderurgico Industriale Srl. The finances will be directed strictly on environmental renovation of the steelmaker.

This innovative financial instrument is part of a wider loan agreement signed between some companies of the Arvedi Group and a pool of lending banks, such as Intesa Sanpaolo, organizing bank and agent, BNL Gruppo BNP Paribas, BNP Paribas, Banco BPM SpA, Credit Agricole Italia SpA, Credit Agricole Corporate and Investment Bank, UniCredit SpA, Unione di Banche Italiane SpA, Banca Monte dei Paschi di Siena SpA, Banca del Mezzogiorno Mediocredito Centrale SpA and Banca di Piacenza Joint Stock Cooperative.

Legal advisors - Studio Bonelli Erede for the Arvedi Group and Chiomenti for SACE and for banking institutions

All this in line with the objectives of the European Union aimed at the transition towards the circular economy, by encouraging projects that tend to increase the reduction and efficiency of natural resources used in industrial production cycles, as well as durability and the reparability of the products derived from them, so as to reduce their environmental impact with a view to responsible and increasingly sustainable production. In this context, the loan also benefits from a reward system based on the achievement of certain sustainability parameters in the steel production cycle.

Related Stories

No stories found.
SteelGuru Business News
www.steelguru.com