(Alliance News) - Intesa Sanpaolo Spa announced that it has provided EUR7.5 million in support, assisted by SACE's Green Guarantee, for the new sustainable growth projects of Italian Cable Company Spa, a company specializing in the production of electric cables with copper conductors and special connections.

ICC operates mainly in industrial, civil construction, power transmission, household appliance, automotive, railroad and special applications.

The 10-year loan benefits from SACE's Green Guarantee and is aimed at upgrading the photovoltaic plant, which is already in place and operational, bringing the contribution to electricity requirements from the current 7.3 percent to the target of 25 percent, and supporting production capacity aimed at the design and manufacture of high-tech cables, photovoltaic cables, cables for electric charging, cables used in wind power plants, and products intended for installations in the railway sector.

The overall intervention is part of Intesa Sanpaolo's broader plan to support corporate investment in environmental transition and goals related to the National Recovery and Resilience Plan.

By 2026, Intesa Sanpaolo has planned medium- to long-term disbursements of more than EUR410 billion, of which EUR270 billion is earmarked for businesses, with which to actively contribute to the country's economic recovery in close correlation with the objectives of the PNRR approved by the European Commission.

In total, Intesa Sanpaolo's interventions in favor of Italian businesses, including very small ones, and households amount to EUR40 billion to support higher costs related to energy increases and everyday spending.

Intesa Sanpaolo's stock closed up 2.6 percent at EUR2.23 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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