The European Investment Bank (EIB) has signed a direct loan of around 105 million with the Italian Society for the Fréjus Highway Tunnel (Sitaf). From Cassa Depositi e Prestiti (Cdp) and UniCredit comes a loan on a project finance basis, worth 92 million and 50 million respectively, through funding from the EIB. Sace will provide guarantees for around 120 million, of which around 80 million to cover the EIB loan and 40 million to cover CDP.
It is overall about 247 million to be allocated to the A32, the motorway which connects North-West Italy to France through the Frejus tunnel (T4). It is one of the main European motorway arteries and is an integral part of the Mediterranean Corridor of the Trans-European Transport Network (TEN-T).
Fréjus tunnel: more safety and structural adaptation
CDP and UniCredit also acted as structuring and coordinating advisor in the overall structuring of the loan on a project finance basis. In the deal, UniCredit also acted as the borrower's hedging bank. “The operation – states the CDP note announcing the agreement – will help to increase the levels of road safety as well as the structural and anti-seismic adaptation of bridges and viaducts, making the infrastructure more resilient against future climatic events".
"Supporting the implementation and modernization of the Ten-T network is a priority for the European Union, and EIB funding aims to make the network more secure, accessible, sustainable and efficient," he said Jasmine Vigliotti, Vice-President EIB. “By supporting the upgrading and modernization of the A32 motorway, the EIB. it will contribute to guaranteeing a safe and reliable connection for transit traffic between Italy and France, facilitating commercial exchanges and the mobility of people.” Claudio Vezzosi, Sitaf's CEO noted that "with these loans, Sitaf will be able to make the infrastructure more resilient, digital and sustainable in line with the strategic lines of the Astm Group." Massimo DiCarlo, Deputy General Manager and Business Director of CDP, underlined that "the operation is in line with CDP's 2022-2024 Strategic Plan and confirms Cassa's commitment to support the improvement of the country's infrastructure, making resources available finances and skills in the structuring of articulated and innovative operations".
Maximilian Mastalia, Head of Large Corporate and Wealth Management Italy of UniCredit highlighted "the bank's advisory expertise in the infrastructure sector to identify the most suitable financial structure to support an important investment plan." In conclusion Alessandra Ricci, the managing director of Sace underlines the role played by the loan guarantees provided by the company for the successful conclusion of the operation. “Modern infrastructures and a safe and efficient motorway network represent, in fact, a fundamental asset for the growth of international trade and an important accelerator for Italian exports to Europe”.
