INTESA SANPAOLO PROVIDES FINANCING TO ZIGNAGO VETRO
FOR CIRCULAR ECONOMY PROJECTS

 

 

• Mauro Micillo (Chief of the IMI CIB Division of Intesa Sanpaolo): “In order to boost and support the green economy, Intesa Sanpaolo has long developed a wide, diversified range of financing and advisory products dedicated to all types of customers. Intesa Sanpaolo is thus closing another transaction under the Circular Economy programme, which since its launch has financed 194 projects for a total of approximately €3.5 billion”
• Roberto Cardini (CEO of Zignago Vetro): “The transaction is part of the long-term process, based on sustainability and compliance with ESG criteria, that the Company is pursuing with absolute conviction: we wish to further accelerate on energy efficiency and waste reduction by tying the economic benefits of the financing to the achievement of these targets”

Milan/Fossalta di Portogruaro (VE), 13 July 2021 - Intesa Sanpaolo and Zignago Vetro – one of the leading producers of hollow glass containers in Italy and one of the most important companies in the sector internationally, listed on the STAR segment of Borsa Italiana – have signed a financing agreement for €45 million aimed at achieving specific circular economy objectives.

The transaction consists of a five-year credit line characterised by a pricing mechanism linked to the achievement of specific circular economy targets. These objectives envisage a significant improvement in environmental impact by increasing the quantity of raw material from recycled sources while also reducing the specific consumption of water per tonne of glass produced.

The financing is linked to Zignago Vetro Group’s strategy to improve production and energy efficiency and continues the company’s strong commitment to sustainability and ESG (Environmental, Social and Governance) issues.

The transaction was concluded by Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, led by Mauro Micillo, with the support of the Circular Economy Desk of Intesa Sanpaolo Innovation Center, a company dedicated to innovation and the spread of the circular economy.

Intesa Sanpaolo also supported Zignago Vetro through a hedging transaction aimed at protecting the Company against the exposure to the risk of fluctuations in interest rates linked to the loan. The hedging strategy involves a reward mechanism based on the achievement of the same ESG targets that apply to the financing: the ESG-linked interest rate swap provides for a reduction in the fixed rate paid by the Company based on the achievement of these objectives.

“The transaction with Zignago Vetro confirms that issues related to sustainability and improvement of environmental impact are increasingly central to the strategies of Italian companies,” commented Mauro Micillo, Chief of IMI Corporate & Investment Banking Division of Intesa Sanpaolo. “In order to boost and support the green economy, Intesa Sanpaolo has long developed a wide, diversified range of financing and advisory products, dedicated to all types of customers, in Italy and abroad. Intesa Sanpaolo is thus closing another transaction under the Circular Economy programme, which since its launch has financed 194 projects for a total of approximately €3.5 billion.”

“This deal, with its innovative features, is part of the long-term process of sustainability and adherence to ESG criteria that the Company is pursuing with conviction,” explained Roberto Cardini, CEO of Zignago Vetro. “Today we are further accelerating the alignment of the interests of our stakeholders, both internal and external: the financial benefits of the financing are directly linked to the achievement of typical green and circular economy objectives. In so doing, we reaffirm, even more decisively, our commitment to combining collective wellbeing and business success, in keeping with the strategy that has always set us apart from the rest.”

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