(Alliance News) - The European Investment Bank and Snam Spa on Tuesday signed a loan totaling EUR100 million aimed at supporting energy upgrades of public buildings and energy efficiency measures for industrial activities.

This is a framework loan that can be used in several tranches within a 3-year period. Each tranche will have a maximum total duration of 15 years.

These projects, which will be developed by Renovit, a Snam Group company dedicated to energy efficiency, will help improve the energy efficiency of more than 400 public and private buildings in Italy, as well as produce clean energy with a total capacity of about 24 MW through the installation of solar panels.

According to EIB estimates, these interventions will help produce renewable energy equal to the annual energy consumption of more than 10,000 Italian households and generate annual energy savings of 84 GWh.

"The financing granted by the EIB is another important step in the sustainable finance path undertaken by Snam over the past few years and for which we have set ambitious goals. We are particularly pleased with the EIB's support because it recognizes the Snam group's concrete commitment to contributing to the country's energy transition, in this case through structural interventions that will make public and industrial buildings even more sustainable," commented Luca Passa, Snam's Chief Financial Officer.

Snam trades in the red by 0.7 percent at EUR4.15 per share.

By Claudia Cavaliere, Alliance News reporter

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