Snam has signed a major loan agreement with the European Investment Bank (EIB) to fund the roll-out of sustainable mobility projects, which focus on the use of natural gas and biomethane for light and heavy vehicles.
This is the first EIB loan obtained by Snam for its wholly owned subsidiary, Snam4Mobility, which operates in the sustainable mobility sector. The investment subject to the loan agreement concerns the construction of 101 CNG (compressed natural gas) and 9 L-CNG (liquefied and compressed gas) refuelling stations in Italy for a total of around 50 million euro, of which 50% will be loaned from EIB.
The loan, which as per EIB practice will amount to a maximum of 50% of the cost of the investment, has an amortising structure that will expire in December 2031, and a fixed rate of 0.547%.
These refuelling stations will be built as part of the company’s investment to strengthen Italy’s distribution network of natural and renewable gas (biomethane), which is one of the best technologies for sustainable mobility, both in terms of the economy and the environment. So far, through Snam4Mobility, Snam has launched 6 new distributors in Italy.
There are around 60 more currently under construction, and Snam expects to build a total of 300 in the coming years. Snam’s commitment to sustainable mobility is part of the Snamtec project, launched with the company’s 2018-2022 strategic plan and supported by an 850 million euro investment in sustainability, technological innovation and new activities relating to the energy transition.
The loan will complement the European Union’s 1.3 million euro contribution provided through the CEF (Connecting Europe Facility) programme, obtained by Snam4Mobility last December for the construction of 9 L-CNG refuelling stations.