Italian state shipbuilding group and the Italian branch of France-based BNP Paribas Bank have finalised an agreement to turn a guarantee line for a maximum amount of €700m granted by the bank into a ‘sustainability linked Guarantees Facility’.
The agreement has a minimum tenor of over four years and it is the first operation of this kind for the shipbuilding group. The guarantee will be linked to the achievement of two specific targets set out in Finantieri Group’s 2018 – 2022 Sustainability Plan, namely efficient energy consumption management and supply chain sustainability. Based on whether or not these goals are achieved, the agreement envisages an upward or downward mechanism for the guarantees’ costs, calculated according to a symmetrical grid at the end of each year.
