Sustainable finance

Starting in 2017, through the issuance of its first Green Bond, the Iren Group embarked on a path of sustainable finance to support its investment strategies strongly focused on projects with positive sustainability impacts. The extensive use of green and assimilated instruments has over time changed the composition of the Group's debt, to date 76% of which is composed of sustainable finance instruments.

Debt structure

Iren has also consolidated its historic relationship with the European Investment Bank (EIB) as well as the Council of Europe Development Bank (CEB), institutions that support investment projects that have environmental and social sustainability requirements.


Data updated to FY 2022.


Over the years, Iren first developed a Green Financing Framework and in 2022 adopted a new Sustainable Financing Framework, evolving from that of 2018, to further strengthen its commitment to sustainable finance. The new Sustainable Financing Framework contemplates the use of both Use of Proceeds and Sustainability Linked instruments.

Iren Sustainable Financing Framework

Iren Sustainable Financing Framework



Second Party Opinion on Iren’s Sustainable Financing Framework

Second Party Opinion on Iren’s Sustainable Financing Framework



Iren New Sustainable Financing Framework 

The Sustainable Financing Framework highlights how the Iren Group intends to continue supporting its sustainable development vision by combining the use of different Green & Sustainability-linked financing instruments. The Framework is aligned with the Green Bond Principles 2021 and the Sustainability-linked Bond Principles 2020 of the ICMA (International Capital Market Association), and with the Green Loan Principles 2021 and the Sustainability-linked Loan Principles 2022 of the LMA (Loan Market Association). Within the Sustainable Financing Framework, Iren S.p.A. may issue any type of debt instrument such as bonds (senior unsecured, subordinated unsecured or hybrid, or project bonds), loans, guarantees and derivatives.

Green Financial Component

Energy efficiency


Wastewater Purification ed
efficiency of water services

Circular economy


1,8 million

tons of CO2 emissions

avoided in 2022

Green bond

Green Bonds highlight Iren's focus on a growing segment of investors who, in turn, include ESG parameters in their analyses as a tangible element of sustainability and investment choice. 

To date, Iren has issued four Green Bonds with a total outstanding amount of 2 billion Euro.