Intesa Sanpaolo and Italy’s SACE agency sign new renewables guarantee scheme

Intesa Sanpaolo has agreed a new guarantee scheme with SACE, the Italian export credit agency, which supports nationally strategic businesses.

Under the new scheme, called SACE Project Finance, up to €50 mln in project financing will be made available by Intesa Sanpaolo and SACE for Italian companies that are investing in electricity production from renewable sources. The new scheme particularly aims to support solar and wind power projects.

The new guarantee scheme aims to speed up and simplify the approval process for renewable energy projects in Italy. This increased efficiency is thanks to the preliminary sharing of the loan structuring conditions between Intesa Sanpaolo and SACE, as well as a new simplified preliminary approval process for projects amounting to below €15mln.

Intesa Sanpaolo boasts long-standing experience in the energy sector, thanks to its dedicated Energy team within the Banca dei Territori division.

For larger and more complex investment projects, the new collaborative scheme will also benefit from Intesa Sanpaolo’s IMI Corporate & Investment Banking Division’s rich project financing experience.

As part of Italy’s National Integrated Energy and Climate Plan (PNIEC), the government has set a target by 2023 for 64% of the national electricity demand to be met by renewable sources, up from 43% today.