Intesa Sanpaolo, CDP and Fincantieri sign a 300 million euro “sustainability linked” loan for the construction of a cruise ship

Fincantieri has signed the first sustainability-linked construction loan with bank Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti for a maximum amount of 300 million euros, according to the company's release.
 
The financing revenues are intended to cover the financial requirements of the construction of a cruise ship with delivery expected in 2023.
 
The terms of financing, defined as “sustainability-linked”, envisage a benefit or a penalty for Fincantieri upon expiry according to the achievement of specific ESG (Environment, Social, Governance) indicators (Key Performance Indicator, “KPI”) envisaged in the company’s 2018–2022 Sustainability Plan. These KPIs relate to efficient energy consumption management, supply chain sustainability and employee training.
 
Given the progress with the construction of the cruise ship to date, Fincantieri expects to use the sustainably-linked loan partially by the end of 2021.