INTESA SANPAOLO: 200 MILLION EURO TO PIRELLI AS PART OF THE 800 MILLION EURO SUSTAINABLE LOAN ALREADY ANNOUNCED BY THE COMPANY
· Intesa Sanpaolo was the Circular Economy Coordinator in the transaction
· The specific 200 million euro circular tranche, fully subscribed by Intesa Sanpaolo, has an incentive mechanism connected to sustainability targets in Pirelli’s business plan
· Micillo: “Intesa Sanpaolo has already disbursed 1.2 billion euro from its the circular economy fund”
Milan, 15 April 2020 – Intesa Sanpaolo subscribed the entire 200 million euro circular tranche of the 800 million euro sustainable loan announced by Pirelli on 31 March.
The tranche subscribed by Intesa Sanpaolo, which played the role of Circular Economy Coordinator, includes an incentive mechanism connected to sustainability targets in Pirelli’s business plan, with a positive impact in terms of the environment and the circular economy.
The performance indicators to be measured will include those relating to Fossil Based Materials, i.e. a progressive reduction in the use of materials from fossil sources, and the Rolling Resistance, i.e. decreasing the rolling resistance of tyres.
The loan, which is part of the 5-billion-euro circular economy fund envisaged by Intesa Sanpaolo’s 2018-2021 Business Plan, was structured by the Corporate and Investment Banking Division, headed by Mauro Micillo, with the support of the Circular Economy Team of Intesa Sanpaolo Innovation Center, a company dedicated to innovating and spreading the circular economy, led by Maurizio Montagnese and headed by Guido de Vecchi.
The role of the Circular Economy Coordinator assumed by Intesa Sanpaolo confirms the Bank’s leadership in loans to accompany companies in transitioning to the circular production model.
Intesa Sanpaolo is one of the most sustainable banks in the world, featuring in the leading sustainability indices. This background and the strong drive towards innovation form the basis of a commitment to the circular economy, an economic model aimed at decoupling development from the exploitation of finite natural resources, as well as redesigning the industrial system. Since 2015, Intesa Sanpaolo has been the top Financial Services Global Partner of the Ellen MacArthur Foundation, a global leader in promoting the circular model.
Mauro Micillo, Head of Intesa Sanpaolo’s Corporate & Investment Banking Division and CEO of Banca IMI, stated: “We are delighted to support Pirelli - a leading international group in its reference market - on the road to achieving the important milestones set out in its Business Plan, such as progressive reductions in the raw materials used and in CO2 emissions in the production chain, as well as greater resistance and therefore lower tyre consumption. Specifically to support such initiatives, the Intesa Group has already disbursed 1.2 billion euro as part of the 5-billion-euro fund dedicated exclusively to investments in the circular economy, for a total of 95 transactions in Italy and abroad”.
Corporate & Investment Banking and Governance Areas
Last updated 15 April 2020 at 11:43