INTESA SANPAOLO AND IREN: AGREEMENT SIGNED FOR THE ASSIGNMENT OF TAX CREDITS UP TO €170 MILLION
Reggio Emilia, 23 November 2021 - Intesa Sanpaolo and Iren - through its subsidiaries Iren Smart Solutions and Iren Mercato - have signed a framework agreement for the sale and purchase of Superbonus and Ecobonus tax credits under the Relaunch Decree.
The agreement for a total amount of €170 million represents an important step to support the Iren Group in building energy requalification projects, allowing the immediate release of the tax credit deriving from the tax incentives.
The requalification works will allow, for the interventions foreseen under the so-called Superbonus 110%, an average energy saving of more than 50% of the energy consumed, with positive effects on the cost of bills for thousands of families.
A benefit not only for the individual owners but for the entire community; the savings in terms of emissions, in fact, can be estimated at over 4,000 tons of C02.
The companies of the Iren Group have already signed over 500 contracts and started over 300 worksites relating to redevelopment works, for which Intesa Sanpaolo will purchase the corresponding tax credit.
The first tranche of the sale will be completed by 31 December 2021, for an amount of about €40 million.
Mauro Micillo, Chief of Intesa Sanpaolo's IMI Corporate & Investment Banking Division, commented: “The agreement with a leading operator such as Iren contributes concretely to the efficiency of the country's real estate by improving the energy consumption of a large number of homes. Intesa Sanpaolo thus confirms its commitment to supporting the transition to a lower carbon emissions economy by aiding and sustaining companies that facilitate the improvement towards energy efficiency”.
Gianni Vittorio Armani, CEO and General Manager of the Iren Group, emphasised: “By granting a central role to the themes of the environmental transition and investments for communities, this transaction is in full accordance with the strategic guidelines of our 2030 business plan. Our partnership with a major financial player such as Intesa Sanpaolo allows us, through the numerous energy efficiency projects ongoing in our communities, to further reinforce our role as main partner for the community, supporting it with our smart solutions in pursuit of sustainable development.”
Corporate & Investment Banking and Governance Areas
Last updated 23 November 2021 at 11:52