(Alliance News) - Iren Spa announced Tuesday that it has signed with UniCredit Spa and BPER Banca Spa two revolving credit facilities linked to sustainability in the form of "committed" lines of credit for a total amount of EUR200 million and with a duration of three years.

The operations "are aimed at Iren's consolidation of its liquidity profile to support its current rating levels and at the same time reconfirm the company's strong commitment to expand its portfolio of Sustainable Finance instruments," the company announced in a note.

These transactions, together with the recently issued fifth Green Bond, "reinforce the integration of sustainability objectives into the group's financial strategy while diversifying the instruments used according to the guidelines represented in the Sustainable Financing Framework."

Both loans, which are KPI Linked, have a premium/penalty mechanism linked to the achievement of specific environmental objectives included in the framework: reduction of atmospheric emissions and water losses. The indicators chosen are also linked to three UN Sustainable Development Goals: number 6, Clean Water and Sanitation; number 7, Renewable Energy; and number 13, Climate Action.

Giovanni Gazza, Chief Financial Officer of Iren commented, "The delivery of these two new lines of credit, united with the highly successful Green Bond issue that just took place, further strengthens Iren's financial flexibility, integrating financial needs with the sustainable strategic vision that the group pursues to 2030."

"The success of these operations stems from the solid creditworthiness that the market recognizes us and has allowed Iren to further diversify its sources of financing," Gazza continues. "Today, about 80 percent of Iren's total debt is made up of green and assimilated instruments, demonstrating how solid the sustainability strategy is that represents, for the Group, the basis for all future growth projects.

Iren's stock is in the red by 1.0 percent at EUR1.86 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.