02 Oct 2023by Riviera News
Italian shipbuilder Fincantieri has secured an €800M ($847M) sustainability loan to help strengthen its financial structure
The Italian state is guaranteeing funding over five years via SACE, the insurance-financial group directly controlled by the Italian Ministry of Economy and Finance.
The funding is provided by banks BNP Paribas, CIB Italia, Agent Bank, Structuring Bank and Sustainability Coordinator, Santander Corporate & Investment Banking, CaixaBank SA Italy Branch, Intesa Sanpaolo SpA, IMI Corporate & Investment Banking Division, Banco BPM, BPER Banca, Deutsche Bank, Banca Monte dei Paschi di Siena, BNL BNP Paribasa, and Fincantieri said it is tied to the shipbuilder’s performance in the target areas set out in its 2023-2027 sustainability plan.
This includes reducing Scope 1 and Scope 2 greenhouse gas emissions, developing highly energy-efficient cruise ships in Italy, and promoting women into senior roles.
Fincantieri will use the finance to develop its shipbuilding backlog. This week, MSC Group ordered two hydrogen ships for its Explora Journeys business. The vessels are due in 2027 and 2028 respectively.
The shipbuilder recorded a net loss of €324M (US$343M) in 2022 and a net loss of €22M (US$23M) in H1 2023.
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