EIB and Snam sign €100 million financing agreement for boosting energy efficiency
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/7053e75e-e272-4315-99c4-016aff45c875.jpg)
The European Investment Bank (EIB) announced that it has entered a € 100 million financing agreement with Snam, an Italian energy infrastructure company. The funds will finance and encourage energy projects in public buildings and energy measures for industrial activities.
In line with #REPowerEU’s goals, we invest €100m to back @snam’s energy improvement projects for residential buildings & industrial activities.
— European Investment Bank (@EIB) July 2, 2024
This will lower the environmental impact of buildings, responsible for some 40% of CO2 emissions in Europe.
👉https://t.co/o2lbejqb6g pic.twitter.com/VOYHf7JZfC
The framework designed for the financing agreement can be utilised in several tranches over three years, with each tranche having a maximum total tenor of 15 years.
The projects are being developed by Renovit, which is a Snam Group company focusing on energy efficiency.
The efficiency will assist in improving the energy efficiency of more than 400 public and private buildings in Italy.
Also read: EIB Global supports €271 million Egyptian climate and environmental business financing scheme
The projects are estimated to have a total capacity of nearly 24 MW and will generate energy equivalent to the annual energy consumption of more than 10,000 Italian households.
The installations and the renewable energy will also help in generating nearly 84 GWh of yearly energy savings.
The project also aims to strengthen the decade-long relationship between EIB and Snam, which has outstanding financing agreements amounting to nearly €1.5 billion.
The agreement is also in line with the EU’s climate goals and the REPowerEU plan, for which the EIb has pledged to support by endowing €45 billion in additional investment by 2027.
Gelsomina Vigliotti, Vice President of the EIB, said, “This agreement is a major step towards a greener, more sustainable future for Italy, helping to lower the environmental impact of buildings, which are responsible for some 40% of total CO2 emissions in Europe,”
She added, “Promoting energy efficiency measures is essential to ensure European energy autonomy and lower people’s and businesses’ energy bills.”
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