The Italian multi-utility Hera Group has received support from the European Investment Bank (EIB) worth 515.3 million dollars (460 million euros) for more than 60 projects.
The loan will cover almost 60 percent of Hera’s total investment of 896.2 million dollars (800 million euros) in projects aligned with the taxonomy of the European Union and the goals of the 2030 agenda of the United Nations.
The projects planned by the Hera Group aim to help the communities that use its services to progress in the green transition. The funds, according to the EIB, will be used by the company to increase its production of renewable energy, promote energy efficiency, decarbonisation and the circular economy.
In addition, Hera Group aims to strengthen the resilience of integrated water services and strengthen waste processing and collection, all towards a sustainable environmental transition and fighting climate change.
All the projects are already part of the Hera Group’s 2022-2026 industrial plan.
The operations will take place mainly in Emilia-Romagna, but also in other areas served such as Veneto and Friuli-Venezia Giulia.
The bank’s resources will allow the company to develop district heating and combined heat and power systems and to build photovoltaic plants, including small-scale ones, to increase the production of renewable energy. In addition, the funding will help improve integrated water services through operations to further reduce losses and renovate rainwater collection and wastewater treatment facilities.
The EIB said Hera Group will increase its waste processing, recycling and recovery capacity by renovating existing collection centers and building new state-of-the-art plants for the recycling of plastic and carbon fiber and for the pre-treatment and storage of industrial waste.
Almost 40 percent of the investments financed by the EIB will be made in the areas of Emilia-Romagna most affected by the recent floods. The funded operations will improve the resilience of water services to future extreme weather events, including through the construction of underground rainwater collection tanks in areas of the Romagna coast subject to high hydrogeological risk. On the other hand, several measures will be taken to make the sewer network more resistant to flooding.
The funding is part of the EIB-backed REPowerEU initiative, which said it would invest an additional €30bn over the next five years to unlock €115bn, promoting the green transition and gradually reducing Europe’s reliance on fossil fuels.
“This operation is a concrete example of the EIB’s commitment to promoting the sustainability, efficiency and resilience of water, energy and waste management infrastructure in Italy and across Europe,” said EIB Vice-President Gelsomina Vigliotti. “The EIB loan will also support Hera Group’s efforts to strengthen the services provided in areas of Emilia-Romagna affected by floods to improve the prevention and resilience of water services against future natural disasters.”
“This funding from the EIB, constant and steadfast partner of the Hera Group, will give a great boost to our strategic plan and confirms our commitment to sustainable development in the regions where we operate, especially with reference to the objectives of decarbonization, circular economy, innovation and resilience, in line with our company’s mission,” added Orazio Iacono, CEO of the Hera Group. “It is a key component of our financial strategy that, in addition to further expanding the range of innovative products and instruments adopted by the group, will also help support the 2022-2026 development plan, confirming the solid nature of our business and our financial flexibility.”
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