EIB to provide £100m to Snam to support energy efficiency

These projects, which will be developed by Renovit, the Snam Group company dedicated to energy efficiency, will help improve the energy efficiency of more than 400 public and private buildings in Italy and generate a total clean energy capacity of around 24 MW after installing solar panels.

According to EIB estimates, these initiatives will generate an amount of renewable energy equivalent to the annual energy consumption of over 10,000 Italian households, translating into annual energy savings of around 84 GWh.

This project further strengthens the ten-year cooperation between the EIB and Snam, with outstanding financing agreements worth almost €1.5 billion in total. The financing agreement is in line with the European Union’s climate goals and the REPowerEU plan, which the EIB has committed to support with additional investments of €45 billion by 2027.

“This agreement is an important step towards a greener, more sustainable future for Italy, helping to reduce the environmental impact of buildings, which are responsible for around 40% of Europe’s total CO2 emissions,” commented Gelsomina Vigliotti, EIB Vice-President. “Promoting energy efficiency measures is essential to ensure European energy autonomy and reduce energy bills for people and businesses.”

“This loan from the EIB is another important step on the sustainable finance path that Snam has embarked on in recent years and for which we have set ambitious goals,” commented Luca Passa, CFO of Snam“We are particularly pleased with the EIB’s support as it recognises Snam’s concrete commitment to helping Italy’s energy transition, in this case through structural initiatives that will make public and industrial buildings even more sustainable.”