Industrial conversion: €8.7 mln to the Neapolitan company Italian Green Factory

Intesa Sanpaolo has loaned €8.7 million with the SACE Future Guarantee to the Naples-based company Italian Green Factory (Tea Tek group) to set up a new production site for photovoltaic system components.

The transaction speeds up the more extensive industrial reconversion programme that the Tea Tek group is carrying out at the former Whirlpool headquarters in Naples through the purchase of a disused 32,000 square metre warehouse.

Intesa Sanpaolo has supported the Tea Tek group's sustainable project from the outset: in December last year, it had set up a special financial product to advance, at the request of the former Whirlpool employees absorbed by Italian Green Factory, the sums of the redundancy fund.

With the new loan, Intesa Sanpaolo confirms its focus on the needs of the territory in Southern Italy, favouring a new production site within the Special Single Zone of Southern Italy.