Eni announced on Thursday that it has signed a new five-year, five-year, revolving credit line of credit linked to sustainability, linked to two objectives of its “sustainability-related financing framework” updated in May 2022.
The margin of the new line of credit is linked to the achievement of sustainability objectives relating to the Upstream Net Carbon Footprint (Scope 1 and 2) and to the installed capacity of electricity production from renewable sources. Depending on the achievement of each goal, a raise/lower mechanism will be used which will affect the applicable margin for subsequent uses of the line of credit, as well as the charges for any unused portion of the line itself.
The operation is in line with Eni’s objective to fully integrate its financing into its sustainable development strategy aimed at achieving carbon neutrality by 2050 and contributing to the achievement of the United Nations Sustainable Development Goals (“ UN SDGs”).
Additionally, the new facility will provide Eni with a flexible tool to manage all financial needs, further strengthening its strong liquidity position.
The line of credit was granted by 23 leading global financial institutions, including Crédit Agricole CIB, Santander Corporate & Investment Banking and Unicredit (as underwriters, global coordinators, bookrunners and sustainability coordinators) and Intesa Sanpaolo ( as bookrunner), in addition to HSBC (as mandated lead arranger), BBVA, Banco BPM, Bank of America, Barclays Bank, BayernLB, BPER Banca, Citi, Deutsche Bank, ING Bank, JP Morgan, Mizuho Bank, SMBC Bank, Société Générale and Standard Chartered (as lead arrangers) and Bank of China, Bankinter, Mediobanca and Morgan Stanley (as arrangers).