Two hundred million euros of financing for the renovation of the Ravenna-Chieti gas pipeline. This is an ESG-linked loan, i.e. linked to the achievement of sustainable objectives, granted by Cassa Depositi e Prestiti a Snam.
“The work will strengthen the infrastructure dedicated to transport of natural gas from the South to the North Italy and will also be compatible with the hydrogen transport: it will thus guarantee the security and competitiveness of the country's energy system by pursuing the decarbonisation objectives outlined by the European Union. The main line will be completed by 2026,” CDP said in a statement.
Cdp-Snam: 200 million financing
Il ESG-linked financing it is connected to annual sustainability objectives to the achievement of which the spread of the credit line is linked and has a 4-year maturity. Furthermore, this sustainable financing follows the 300 million euro loan granted in April 2023 by Cdp to Snam for the construction of the Adriatica Line, the new gas pipeline under construction which aims to ensure an increase in capacity of transport of the entry points located in Southern Italy and whose phase 1 is among the projects to be financed under the RepowerEU Plan. The Ravenna-Chieti gas pipeline will be interconnected to this structure.
The Ravenna-Chieti gas pipeline
Speaking instead of the work, the Ravenna-Chieti gas pipeline is made up of 292 km of main pipeline and 133 km of secondary lines and will serve to ensure the natural gas transportation to the areas of the Adriatic coastal strip, from the province of Ravenna to the province of Chieti, involving Emilia-Romagna, Marche and Abruzzo.
It will be made using trenchless technologies, i.e without trench excavation, combined with environmental restoration at the conclusion of the works. A project that will allow the surrounding environment and vegetation to be safeguarded, allowing the complete reconstitution of the original naturalistic and landscape conditions of the territory.
The materials of which the renewed infrastructure will be made are suitable for hydrogen transport, in accordance with the ASME B.31.12 standard, currently considered the main international reference on the topic of hydrogen transportation via pipeline.
The main pipeline consists of three autonomous traits: Ravenna-Jesi of approximately 142 kilometers to replace; Jesi-Recanati of approximately 30 kilometres, already subject to replacement and entered into operation in December 2019 and therefore not part of the current renovation project; Recanati-Chieti of approximately 150 kilometers to replace. The renovation of the main line is expected by 2026, while that of the secondary lines is currently expected by the end of 2027.
The pipeline serves directly 130 redelivery points to distribution networks, 2 interconnection points with other transport networks, 64 industrial users, 3 electricity production plants and 59 methane gas plants for vehicles, for total volumes of approximately 1,6 billion cubic meters per year. The pipeline also collects the production of 9 natural gas production fields, for a total annual volume of approximately 0,9 billion cubic meters.
Lamari “Cdp supports strategic infrastructure projects for the country
Carlo Lamari, head of Infrastructure at Cassa Depositi e Prestiti, he commented as follows: “Cdp's support for sustainable development is also achieved through support for strategic infrastructure projects for the country, citing the objectives of our Strategic Plan, with particular attention to the environment as in this case. An example of crucial infrastructure are major works such as the renovation of Snam's Ravenna-Chieti gas pipeline which, once completed, will be functional to the national network also with a view to the energy transition. Our intervention logic will continue to be complementary to the banking system, and confirms the validity of the support in favor of Snam's Adriatica Line to which Cdp has ensured the resources necessary to start the project with a 300 million loan".
“Consistent with the growing importance that sustainable finance and related tools are assuming in the current scenario, we have aligned our financial strategy with the Group's sustainability objectives, making a tangible contribution to the path towards net zero by 2050 that Snam has undertaken” – has explained Luca Passa, chief financial officer of Snam. “This commitment has resulted in the definition of a new target aimed at increasing the weight of sustainable finance on total funding to 85% by 2027. This ESG-linked financing from CDP, linked to the achievement of sustainable objectives, enhances the Snam's ambition to invest in infrastructure works that respect the principle of the energy trilemma, i.e. security, competitiveness and sustainability, pursuing the objectives of decarbonisation and the country's energy transition".
