Sustainable Development Goal Target Guaranteed Euro-Commercial Paper Programme
In October 2001, Enel S.p.A. set up a Euro Commercial Paper Programme to issue (via Enel Investment Holding B.V.) commercial paper notes up to a total program size of 1.5 billion euros and guaranteed by Enel S.p.A. (the “Euro Commercial Paper Programme”).
The Euro Commercial Paper Programme was updated in May 2004, increasing the total amount up to 2.5 billion euros.
Due to the reorganization of the Enel Group’s foreign companies, Enel Investment Holding B.V. was replaced with Enel Finance International S.A. as issuer (with a guarantee of Enel S.p.A.) in November 2005. As a result of growing demand from the investors, the Euro Commercial Paper Programme size was increased up to 4 billion euros, and later to 6 billion euros in June 2010.
In July 2010, in the framework of a Group corporate transaction aiming to optimize the Group's financial activities, Enel Finance International S.A. was transferred from Luxembourg to The Netherlands by way of a cross-border merger into Enel Finance International N.V. (effective as of December 2010), which became the new Issuer of the Euro Commercial Paper Programme. Subsequently, between August and December 2010, the Euro Commercial Paper Programme was amended, restated, and updated accordingly.
Moreover, the Information Memorandum of the Euro Commercial Paper Programme was updated in September 2018.
In May 2020, in line with the sustainable strategy of the Enel Group, the Euro Commercial Paper Programme was updated as “Sustainable Development Goal 7 on Affordable and Clean Energy (SDG 7) – Target Guaranteed Euro-Commercial Paper Programme” (also known as the “SDG 7 - Euro Commercial Paper Programme”). This also reflected the relevant target (set at Group level) on the achievement - by the Enel Group - of a renewable energy installed capacity percentage equal to or greater than 60% of the total installed capacity by December 31, 2022. In such framework, Vigeo Eiris S.A.S. was appointed to provide a second party opinion on (amongst others) the inclusion of the above-mentioned SDG 7 target in the SDG 7 - Euro Commercial Paper Programme.
The Vigeo Eiris S.A.S. second party opinion as of April 2020 is also available for consultation in this section together with an Interim Statement of Renewable Energy Installed Capacity on the Renewable Energy Installed Capacity Percentage as of 31 December 2019 and 31 December 2020, together with the relevant Assurance Reports issued by the External Verifier. Interim and Final Statements of Renewable Energy Installed Capacity will be published on this webpage in due course according to the terms of SDG 7 - Euro Commercial Paper Programme documents.
In April 2022, the “SDG 7 - Euro Commercial Paper Programme” was updated as “Sustainable Development Goal (“SDG”) Target Guaranteed Euro-Commercial Paper Programme” (the “Programme”). In such context, the size of the Programme has been increased to 8 billion Euro and it was included the commitment to decrease the level of direct greenhouse gas emissions amount (Scope 1), in line with Enel’s Sustainability-Linked Financing Framework released in January 2022, also reviewed by V.E which provided a second party opinion.
In February 2023 the Enel Group’s Sustainability-Linked Financing Framework, also reviewed by Moody’s Investors Service, has been updated in order to (i) introduce, for the first time, a brand new set of Key Performance Indicators (“KPI”) linked to the SDGs and to EU Taxonomy and to (ii) update the Sustainability Performance Targets (“SPTs”) as announced on Enel’s Capital Markets Days of November 2022 in the contest of 2023-2025 Strategic Plan.
Both the Enel’s Sustainability-Linked Financing Framework and the Moody’s Investors Service’s second party opinion are available at the following link: https://www.enel.com/investors/investing/sustainable-finance/sustainability-linked-finance.
In light of the above, in March 2023 the Programme has been updated, in order to reflect the integrated strategy of the Enel Group on decarbonization goal, including new KPI linked to the EU Taxonomy with the KPI liked to SDG, both with target date set at 31 December 2025.
SDG Target Guaranteed Euro-Commercial Paper Programme
Arranger:
Citigroup Global Markets Limited
Dealers:
ABN AMRO Bank N.V.
Banco Santander, S.A.
Bank of America Europe DAC
Barclays Bank Ireland PLC
Bred Banque Populaire
Citigroup Global Markets Europe AG
Citigroup Global Markets Limited
Commerzbank Aktiengesellschaft
Crédit Agricole Corporate and Investment Bank
Credit Suisse Bank (Europe), S.A.
Goldman Sachs Bank Europe SE
ING Bank N.V.
MUFG Securities (Europe) N.V.
NatWest Markets N.V.
Société Générale
UBS AG, London Branch.