International law firm Simmons & Simmons has advised multinational energy company Eni on a new revolving credit line tied to its achievement of sustainability objectives.
Provided by a pool of 26 global banks, the five-year loan is linked to the company meeting two objectives of its "Sustainability-Linked Financing Framework", which was updated in April 2023.
This includes meeting sustainability targets relating to its Net Carbon Footprint Upstream (Scopes 1 and 2), as well as to the installed capacity for the production of electricity from renewable sources.
The new facility will further strengthen Eni’s financial flexibility, adding to a €6 billion sustainability-linked credit line secured in 2022.
The Simmons team based in Milan was led by partners Nicholas Lasagna and Paola Leocani, supported by partner Marco Palanca on tax matters.
Commenting on the transaction, Nicholas, said: “It was a pleasure for the Simmons team to offer our expertise to Eni to support this complex transaction involving a syndicate of leading global institutions.
Paola added: Also this sustainability-linked product, in this case a five-year facility, will play an important role in the company’s long-term decarbonisation strategy.”
