Intesa Sanpaolo (IMI Corporate & Investment Banking Division), Cassa Depositi e Prestiti (CDP) and Fincantieri have completed a construction loan "Sustainability linked" for a maximum amount of 300 million euros. This is the first operation of this type for the naval group and the proceeds will be used to cover the financial needs related to the construction of a cruise ship for delivery in 2023.
Financing is defined "Sustainability linked" since it is linked to the achievement of three specific performance indicators (Key Performance Indicator, "KPI") present in Fincantieri's 2018 - 2022 Sustainability Plan: efficient management of energy consumption, sustainability of the supply chain and employee training. Based on whether these objectives are achieved or not, the agreement provides for a mechanism for raising or lowering the cost of the loan for Fincantieri, calculated according to a symmetrical grid at the expiry of the operation.
In light of the progress of construction work on the ship to date, Fincantieri plans to partially use the loan "Sustainability linked" by the end of 2021.