200M Euros for Italian Energy Efficiency Projects

THE EUROPEAN Investment Bank (EIB) and the Banca Monte dei Paschi di Siena (BMPS) have teamed up, signing an agreement to finance small and medium-scale energy efficiency projects.

The EIB is making €200m available for the bank’s traditional objectives in financing projects to counter climate change.

BMPS along with its subsidiary MPS Capital Service Banca per le Imprese, are tasked with reviewing and managing loan applications and then distributes funds through their branch network.

The EIB loan will cover up to 50 percent of each project costs, with those eligible including environmentally sustainable projects costing up to €50m. They will also consider energy efficiency ventures requiring even greater investment, typically through project financing arrangements.

Dario Scannapieco, EIB Vice-President said: “The fight against climate imbalance caused by pollution has been given top priority for EIB financing in the coming years.

“We are therefore particularly satisfied with this operation with Banca Monte dei Paschi di Siena, a group with which we have a proven and very positive working relationship in terms of both financing Italian SMEs and supporting the investment programmes of local authorities.”

Picture of Palazzo Pubblico, Siena by Tscherno

Thursday 14th April 2011


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