Photo: Fincantieri

Fincantieri secures €300M sustainability-linked construction loan

Italian shipbuilder Fincantieri has signed the first sustainability-linked construction loan with compatriot banks Intesa Sanpaolo and Cassa Depositi e Prestiti for a maximum amount of €300 million (around $340 million).

Fincantieri
Image Courtesy: Fincantieri

As informed, 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”, will mean a benefit or a penalty for Fincantieri upon expiry according to the achievement of specific environment, social, governance (ESG) 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.

Earlier this month, CDP, a major independent non-profit organization for environmental reporting previously known as Carbon Closure Project, scored Fincantieri A- for the activities carried out in the past year, for the second year in a row.

The result acknowledges Fincantieri’s efforts in reducing greenhouse gas emissions and in climate risk management. These goals have also been achieved by intensifying the green policy in the provision of electricity from renewable resources (hydro and wind-power, solar) having an origin warranty, bringing the group’s share of this type of electricity up to 84%.

Today’s announcement coincided with the delivery of Viking Octantis, the first of two expedition vessels ordered by Viking. The ship was delivered by Fincantieri at the Vard shipyard in Søviknes, Norway.