| Project Detail |
Credit facility supporting Poste Italiane in the rollout of a key initiative launched by the Italian Government to accelerate the energy efficiency transition of the country.
Additionality and Impact
The proposed operation aims to finance energy efficiency ("EE") projects in Italy (70%), mainly in residential buildings, therefore supporting the EUs and the Banks priority in the energy sector and the EIBs CA objectives.
Through energy savings, energy efficiency projects reduce negative carbon and air pollution externalities, increase comfort and air quality in the dwellings, social and public benefits that are not fully internalised by private investors.
The project will be fully aligned with the EUs priorities and goals established in the European Green Deal and particularly in the Renovation Wave.
EE investments in residential buildings suffer from a chronic lack of funding. The project shows how the EIB can be additional to national EE incentives, such as the tax deductions which the Italian government launched for the EE project in buildings. The intermediary is a party under these tax credit schemes. In addition, given the labour-intensive nature of the building sector, largely dominated by local businesses, renovation of buildings also plays a crucial role in job creation and market recovery from the COVID-19 pandemic, also supported by the Italian governments recovery plan.
SMEs working on the implementation of EE building renovation measures are expected to be the largest primary beneficiaries of EIB funds, although the recipients of the intended measures are in large part private homeowners. The EIB support to this operation is expected to provide a tangible value-added, contributing to accelerating the implementation of the underlying EE schemes and increasing the volumes of tax credit purchasing offered to the market by the intermediary.
Objectives
The proposed operation consists of a multiple beneficiary intermediated loan to support energy efficiency projects and earthquake-resilient measures in the residential sector in Italy for the final beneficiaries (housing unit owners, condominiums or housing associations, and construction companies or small ESCOs). The purpose of the credit facility is to finance the acquisition by Poste Italiane of tax credits from the final beneficiaries under the technical conditions established under the "SuperBonus" and "Ecobonus" Programmes in Italy. |
