- This is the first EIB loan in Italy dedicated to the large-scale retail and cooperative enterprise sectors
- The EIB green loan will promote energy efficiency and the development of renewable energy in supermarkets in central and northern Italy
- The EIB financing covers up to 75% of the total project cost as it will support REPowerEU objectives
- The operation was structured with the support of Banca Finint S.p.A. acting as arranger
The European Investment Bank (EIB) and ‘Commercianti Indipendenti Associati (CIA), (independent cooperative enterprises), which are members of the Conad national consortium, have signed a €40 million finance contract to decarbonise its supermarkets in central and northern Italy.
This Green Loan[1] is the EIB’s first loan in Italy in the large-scale retail sector. This will mainly concern CIA-Conad supermarkets in central and northern Italy, aimed at improving the energy efficiency of existing buildings, enhancing renewable energy by installing roof photovoltaic systems, and upgrading food refrigeration systems.
“This loan shows how sustainable finance can drive the energy transition in key economic sectors, including retail. It will boost energy efficiency, promote renewable energy, reduce the environmental impact of supermarkets, cut costs and foster sustainability in this sector,” said EIB Vice-President Gelsomina Vigliotti.
The agreement supports total investments of around €54 million, with the EIB loan covering up to €40 million, thus exceeding the traditional limit of 50% of the project’s total cost. This is possible thanks to the project’s full contribution to the REPowerEU objectives, which allows the EIB to finance up to 75% of the total project cost, in line with the Bank’s Energy Lending Policy.
“We are delighted with this operation, which underpins the sustainability path that our cooperative launched several years ago. Investing in energy efficiency and renewable sources helps safeguard the environment and well-being of the communities in which we operate, which also has a positive impact for our businesses and customers,” said CIA-Conad CEO Luca Panzavolta.
The EIB credit line has a flexible long-term financial structure designed to facilitate the progressive implementation of investment in line with the business plan of cooperative enterprises. The operation was structured with the support of Banca Finint S.p.A. acting as arranger, through its Investment Banking division.
“We are proud to support this financing operation, a good example of how sustainable finance can promote the competitiveness of companies and regional growth. With the recent opening of our offices in Bologna, we are strengthening Banca Finint’s presence in Emilia-Romagna and our commitment to supporting projects that promote energy efficiency and innovation. Working with the EIB confirms Banca Finint’s role as a key partner for high value-added operations, combining financial strength with positive environmental impact,” said Head of Investment Banking Corporate at Banca Finint Alberto Nobili.
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects add to competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Around half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.
Commercianti Indipendenti Associati, made up of independent retail businesses, is one of five Conad cooperative enterprises. There are outlets in Emilia-Romagna (in the provinces of Forlì-Cesena, Ravenna and Rimini), the Republic of San Marino, Marche (provinces of Ancona and Pesaro-Urbino), Friuli-Venezia Giulia, Veneto (including the Dao cooperative), Milan and certain provinces in Lombardy. Turnover in 2024 amounted to €3.2 billion, higher than in 2023. The cooperative’s multi-channel network comprised 257 outlets as of 31/12/2024, with more than 11 000 employees (sales outlets, corporate and cooperative staff).
Banca Finint Group is active in the Italian corporate and investment banking, structured asset management finance and private banking markets. Founded in late 2014, Banca Finint is the culmination of the more than 40 years of financial sector experience of the Finanziaria Internazionale Group, which was founded in 1980 by Enrico Marchi. Banca Finint Group was formed in 2016, with Banca Finint as parent company. Banca Finint specialises primarily in debt capital markets (minibonds and specialised lending), structuring and management of securitisation, covered bond and structured finance transactions, advisory for extraordinary finance transactions, supporting local companies and the real economy where it operates. The group is based in Conegliano (Treviso) and has offices in Milan, Rome and Trento.
[1] EIB green loan status is granted where 100% of the financing supports the Bank’s climate action and environmental sustainability goals, in line with the Green Loan Principles.
