Iren and CaixaBank signed today a Sustainability Linked Term Loan to support the energy transition and the ecological evolution, through the financing of the investments included in Iren’s 10-year Business Plan and the achievement of the related ESG targets by 2030. IREN strong focus on the environment and on the protection of resources is further underlined by the significant amount of sustainable investments foreseen by its Business Plan, equal to 80% of the total spending.

The new 100-million-euro, five-year loan, with a possible two-year extension, is linked to the achievement of two specific sustainability goals included in Iren new Sustainable Financing Framework. In particular, the loan is linked to the following key indicators:

• Scope 1 GHG Emissions Intensity: all the emissions targets have been certified by Science Based Targets initiative (SBTi) and are aligned with the trajectory of the Well-below 2°C scenario modelled on the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report and are also in line with the current Italian Integrated National Plan for Energy and Climate (Pniec).

• Water leaks: Iren is particularly active in making the water distribution service increasingly efficient with the aim of reducing water withdrawals from the environment and significantly reducing network leaks.

The loan envisages a margin adjustment mechanism with a step-down if the targets set in line with Iren Business Plan are met and a step-up in case the targets are not achieved.

The selected indicators are also related to the following United Nations Sustainable Development Goals (UN SDGs): number 6 (Clean Water and Sanitation), number 7 (Affordable and Clean Energy) and number 13 (Climate Action).

Anna Tanganelli, Chief Financial Officer of Iren commented: “During 2022 Iren signed 6 banking credit lines all with ESG features, for a total of 630 million euros, to support the development of the Group’ strategy and the achievement of our 10-year Business Plan targets. This new agreement with CaixaBank further strengthens the Group’s liquidity profile and confirms Iren’s commitment to sustainable finance.”