The European Investment Bank (EIB) will finance two Snam projects, promoted respectively by Italgas and Snam Rete Gas, for a total amount of 365 million. The two loan agreements have already been signed by the parties.
These loans, as Snam's note explains, "add to the 283 million euro loan disbursed last August for a Stogit project relating to the development of the Bordolano storage reservoir and are part of the Snam group's financial structure optimization policy, as they are complementary to bond and bank loans and characterized by longer durations at competitive costs, obtainable with this type of funding".
A large part of the investment plans of Italgas and Snam Rete Gas concern projects located in southern Italy and are therefore compatible with the financing policies of the bank of the European Union also for the aspects of cohesion and development of the less favored areas.
Both companies are trying to optimize their network: Italgas, which received 300 million from the EIB on a 620 million project, is aiming to technologically improve its distribution. Snam Rete Gas, which received the remaining 65 million of the loan, must complete the Zimella (Verona) – Cervignano d'Adda (Lodi) pipeline and replace four turbines at the Messina compression station.
