EIB grants Snam a 310 million euro loan for the development of the Italian gas network
San Donato Milanese, 26 July 2017 - Snam and the European Investment Bank (EIB) have signed a 310 million euro loan agreement for the financing of projects aimed at developing the Italian gas system, thus making the network even more secure, efficient, flexible and interconnected.
The funding is aimed at financing investments for an overall cost estimated at over 600 million euro, mainly focused on:
- the extension of the gas transportation network and the construction of a pipeline to connect distribution areas for local consumption to the new storage site of Cornegliano Laudense;
- the upgrading of measuring systems located at redelivery points of the transportation network through the acquisition of metering systems from final customers;
- the installation of odorization systems for industrial final customers;
- the improvement of energy efficiency in two compressor stations;
- the modernization and replacement of existing assets to increase the reliability, security and operational efficiency of the network in various regions.
The 310 million euro loan will be at a fixed rate, equal to 1.5%, with a tenor of 20 years. This funding is part of the optimization of Snam’s financial structure. It complements Snam’s existing bonds and banking facilities and is characterized by longer duration at a competitive cost.
18 August 2017 - 13:07 CEST