(Alliance News) - Intesa Sanpaolo Spa announced on Monday a EUR11 million loan to Calabrian SME Ecoross for the construction of a plant powered by FORSU - organic fraction of municipal solid waste - for the production of biomethane.

With this operation, Ecoross will be able to transform organic waste into energy, mitigating the environmental impact with the production of an advanced biofuel generated from the valorization of locally sourced waste and minimizing the waste to be sent to landfills, the company explained in a note.

The deal is backed by a green guarantee from SACE and the financing is from the EUR8 billion ceiling that Intesa Sanpaolo has earmarked for the development of the circular economy.

Work to build the plant in the municipality of Corigliano-Rossano began in 2021 and will be completed by the first half of 2024, with commissioning to follow.

Ecoross is an SME active in waste management, asbestos remediation, room sanitization, chemical toilet rental and street cleaning.

Intesa Sanpaolo's stock trades in the red by 0.8 percent at EUR2.79 per share.

By Chiara Bruschi, Alliance News reporter

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