(Finance) – Support families and private individuals in energy efficiency projects and alternative energy production for their homes: are the main objectives of the recent synthetic securitization operation announced by Gelsomina Vigliotti, Vice President of the EIB, and Marco Tarantola, CEO and General Manager of Findomestic Banca.
While maintaining the structure and operational nature of the commercial collaboration between the EIB Group and the BNP Paribas Group in Italy, the agreement with Findomestic introduces completely new and unprecedented public policy characteristics in the history of the EIB for the Italian financial market. It is in fact a guarantee intervention by the EIB Group dedicated entirely to green projects, whose promoters are families and private individuals, who will benefit from a reduction on the interest in the loans that Findomestic will grant, for the purchase and installation of equipment for energy efficiency and the production of solar energy for domestic use throughout Italy.
In detail, the structure of the agreement consists of a synthetic securitization operation, which does not involve the sale of assets, relating to a portfolio of Findomestic performing retail loans of 855 million euros, in which the European Investment Fund (EIF, part of the EIB Group) intervenes by issuing a guarantee on the mezzanine tranche of approximately €94 million, with a counter-guarantee from the EIB. This mechanism allows Findomestic to free up regulatory capital and be able to provide new financing following the environmental sustainability criteria defined with the EIB, for a total ceiling of 250 million euros.
This operation further consolidates the relationship between the EIB Group and the BNP Paribas Group in Italy. It is in fact the fourth initiative concluded in 2024 between the two institutions, following the agreement signed in July between the EIB and BNL, which allocated 400 million euros to provide new liquidity to companies, including a green component equal to 25%.
Gelsomina VigliottiVice President of the EIB, declared: “For the first time in Italy, the EIB Group invests directly in the credit of Italian families, with an intervention aimed at reducing the costs of financing for energy efficiency projects and solar energy production for domestic use This new initiative represents a model that we hope to be able to further replicate in other Italys, helping to promote the energy transition of families and individuals and strengthening the link between the EIB, Europe and citizens.”
“We have created together with the EIB Group – says Marco Tarantola, CEO and general manager of Findomestic Banca – a unique operation in Italy that allows us to concretely share with our customers and partners the sustainability objectives that, as a Bank, we have been pursuing for years. Also thanks to this agreement, Findomestic will offer even more tools to support families and individuals in the realization of their purchasing projects aimed at increasing energy efficiency and reducing the impact on the environment, thus contributing to the ecological transition and the construction of a future more sustainable.”
“Through our partnership with Findomestic, the EIF is excited to open up new opportunities for Italian families to invest in sustainable solutions. This initiative not only makes financing more accessible, but also promotes innovation in the field of energy efficiency and renewable energy at home,” he said.or Marjut Falkstedt, Chief Executive of the EIF.