October 3 (Renewables Now) - Italian energy company Enel SpA (BIT:ENEL) and lender UniCredit SpA (BIT:UCG) have signed a revolving credit line agreement for EUR 1 billion (USD 1.1bn) tied to the UN Sustainable Development Goals (SDGs).
The newly available funds have a five-year term and will be used to meet the company’s ordinary financing needs, Enel said Thursday. As was the case with the company’s recent SDG-linked bond issuance, the credit line is linked to the Enel Group’s ability to reach its target for a renewables share of 55% or more in total consolidated installed capacity by December 31, 2021.
Failure to reach the target will trigger, among others, an interest rate applied to drawings on the line.
Enel reiterated its commitment to work towards goals related to affordable and clean energy (SDG 7), industry, innovation and infrastructure (SDG 9), sustainable cities and communities (SDG 11) and climate action (SDG 13).
To implement the four SDGs, the company plans to install over 11.6 GW of additional capacity and more than 46.9 million smart metres, and make investments in innovation, digitalisation and charging points for electric mobility, among others.
(EUR 1.0 = USD 1.10)