Edison and Crédit Agricole CIB implement the first Italian sustainable securitization transaction
Edison and Crédit Agricole CIB Italy announce the first ESG-linked securitization in Italy. It is linked to a corporate sustainability indicator consistent with the targets of the energy Company to fight climate change and climate-altering emissions. Through this innovative financial instrument, the two groups confirm their commitment to carbon neutrality in line with the Italian and European objectives.
Crédit Agricole CIB Italy and Edison modified the framework agreement by which the bank buys part of the receivables originated by Edison Energia to index the terms to the achievement of a specific sustainability key performance indicator (KPI) coherent with Edison’s corporate ESG commitments. By entering into this innovative transaction, Edison and Crédit Agricole CIB mark the effort to make working capital optimization instruments related to the energy transition path. This confirms the willingness to apply sustainable finance mechanics to a broader selection of their respective financial and banking activities.
“Crédit Agricole CIB is pleased to partner with Edison in establishing the first Italian ESG-Linked receivables program. The successful achievement of this transaction is highly consistent and fully aligned to Crédit Agricole CIB commitment to sustainability and represents a further step in the process undertaken by the Bank to accompany its partners in the adoption of instruments linked to the ESG themes”, commented Ivana Bonnet, Senior Country Officer for Crédit Agricole CIB Italy.
“Sustainability is fully integrated into Edison's strategic development. With Crédit Agricole CIB, we bring this commitment also in a financial context - said Didier Calvez, Edison Chief Financial Officer -. Implementing an ESG-linked securitization for the first time in Italy strengthens even more our commitment to ESG objectives, in particular against climate change”.
This transaction – targeted specifically to retail segment – is part of Edison initiatives to effectively reduce the group credit risk and to optimize its invested working capital in a context of increasing presence in the gas and electric power market.