Circular economy and sustainability. These are the objectives related to the new loan of 45 million euros provided by Intesa Sanpaolo at Zignago Glass, one of the leading manufacturers of high quality glass containers for beverages, food, cosmetics, perfumery and special glass, listed on the STAR.
It is a 5-year credit line characterized by a pricing mechanism linked to the achievement of specific objectives in the circular economy. These include a significant improvement in the environmental impact by increasing the quantity of raw material from recycled sources and, at the same time, reducing the specific consumption of water per ton of glass produced.
The transaction was concluded by the IMI Corporate & Investment Banking Division of Intesa Sanpaolo led by Mauro Micillo with the support of the Circular Economy Desk of the Intesa Sanpaolo Innovation Center, a company dedicated to innovation and dissemination of the circular economy.
Furthermore, Intesa Sanpaolo supported Zignago Vetro through a hedging operation aimed at covering the company in the event of fluctuations in interest rates. There hedging strategy used provides a reward mechanism that depends precisely on the achievement of the same ESG targets provided for in the funding. In fact, the ESG-linked Interest Rate swap provides for a reduction in the fixed rate paid by the company based on the achievement of these objectives.
"The transaction with Zignago Vetro confirms how issues related to sustainability and improvement of the environmental impact are increasingly central to the strategies of Italian companies - he declared Mauro Micillo, Chief of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo -. To boost and support the Green Economy, Intesa Sanpaolo has long since developed a broad and diversified offer of financing and advisory products, dedicated to all types of customers, in Italy and abroad. Intesa Sanpaolo thus concludes a further operation based on the ceiling dedicated to the Circular Economy, which since its launch has financed 194 projects for a total of around 3,5 billion euro".
"This transaction, with its innovative characteristics, is part of the long-term path, based on sustainability and compliance with ESG criteria, which the Company is pursuing with conviction - commented Roberto Cardini, Chief Executive Officer of Zignago Vetro -. Today we are further accelerating the alignment of the interests of our internal and external stakeholders, since the financial benefits of the loan are directly linked to the achievement of objectives typical of the green and circular economy. In doing so, we reaffirm our commitment to combine collective well-being and business success even more strongly, in line with the strategy that has always distinguished us”.
