The EIB granted a 70 million loan to Ascopiave, leader of a group of municipal companies in the North East which distribute natural gas in over 150 municipalities. The funding will be used to strengthen and expand the network.
Seventy million euros to support investments aimed at improving and expanding the gas distribution networks in Veneto and Lombardy. This is the amount of the loan that the European Investment Bank has granted to Ascopiave, a company listed on the Stock Exchange that distributes and sells natural gas in over 150 municipalities in the North East.
This operation is the first concluded between the EIB and Ascopiave. And it is consistent – it is emphasized in the Bank's circles – with the Bank's commitment to contribute to the recovery of growth in a sector, that of natural gas, which in Italy has been undergoing a major reorganization for a couple of years. Furthermore, for the EIB, the signing of the agreement with Ascopiave "represents an important sign of the Bank of the European Union's commitment in favor of medium-sized companies in the utilities sector characterized by a solid business model, public participation and strong local roots". In Veneto and Lombardy, Ascopiave, parent company of a network of municipally owned companies, sells gas to approximately 850.000 customers and distributes it to over 440.000.
“I am very satisfied to have signed this operation with Ascopiave, a new counterparty for the EIB, a solid and innovative company, which is close to the most tangible needs of companies and families. A significant operation - said Dario Scannapieco, EIB vice president responsible for Italy, Malta and the western Balkans - which bears witness to our commitment to supporting the real growth of the Italian and European economic fabric, and our attention to efficiency issues energy and renewable energies in a context of ever closer proximity with companies rooted in the territory".
“We are proud – declared Fulvio Zugno, president of Ascopiave – to have an important partner like the European Investment Bank in our growth and development project. This agreement confirms the solidity of our company and the goodness of the path undertaken. A path that strengthens our belief that we can play a leading role in the energy sector, particularly in the distribution and sale of natural gas which is, and will remain, our core business”.
“The loan granted to us by the European Investment Bank, whose selection criteria are extremely stringent – added the general manager of Ascopiave, Roberto Gumirato – allows us to be even stronger in facing the challenges of particularly difficult markets in which, however, we are convinced that we can play a leading role”. The Ascopiave group closed 2012 with 1.078 million euro consolidated revenues, an operating result of 73 million and a net profit of 39,9 million.
“The 2012 financial statements therefore closed with very important and remarkable results – stated Fulvio Zugno – and the Ascopiave Group is now more ready than ever to enter a new phase all devoted to development and therefore to substantial investments”. “The results achieved in the first quarter of 2013 are even more positive than those of the same period last year”, added Zugno. In detail, the operating result grew by 59%, the consolidated net profit by 89%.
