(Alliance News) - Eni Spa has announced that the offering of the first bonds linked to its sustainability goals will start on Jan. 16.

The bonds will have a term of five years and a total value of EUR1 billion, which can be doubled in case of excess demand from investors.

As Eni explains, the final coupon payable on Feb. 10, 2028, will be linked to the achievement of Eni's sustainability targets: reduction of net greenhouse gas emissions-Scope 1 and Scope 2-associated with the operations of the Upstream business. Specifically, the target is to reduce the Net Carbon Footprint Upstream indicator to a value of 5.2 MtCO2eq or less as of December 31, 2025, which is less than 65 percent from the 2018 baseline; and increase installed capacity for electricity generation from renewable sources to a value of 5 GW or more as of December 31, 2025.

Upon Eni's achievement of the above targets, the gross annual nominal interest rate will remain unchanged until the maturity of the bonds. If even one of the two targets is not met, the interest rate related to the coupon payable on the maturity date will be increased by 0.50 percent.

Claudio Descalzi, Eni's chief executive officer, commented, "Eni is today an extremely robust company from a financial and industrial point of view, with a growth model aimed at making the most of the businesses related to the energy transition and the traditional ones that fuel its success, which are also subject to the progressive reduction of emissions and continue to guarantee security of supply. With this in mind, we want to offer the Italian public a solid savings tool that can make them part of our journey toward fully decarbonized, technologically advanced and diversified energy, and the further consolidation of our crucial ability to guarantee energy security for the country."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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