Italian multi-utility Hera Group has secured a €460m loan from the European Investment Bank (EIB) to bolster its finances for various projects.

The EIB loan will help improve the resilience of the integrated water cycle, energy efficiency and the management of environmental services in the areas served by Hera.

EIB said the financing will mainly help Hera strengthen its water services, increase the production of renewable energy and improve waste processing and collection. This EU bank loan will finance more than 60 Hera projects aligned with the EU taxonomy and in line with the objectives of the UN 2030 Agenda.

The financing will cover almost 60% of the more than €800m total value of investments Hera has already targeted in its 2022-2026 industrial plan.

EIB said almost 40% of the EIB-financed investments will be made in the parts of Emilia-Romagna that were hit the hardest by the recent floods.

EIB’s vice president Gelsomina Vigliotti, said: “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.

“The EIB loan will also back Hera Group’s efforts to strengthen the services provided in the parts of Emilia-Romagna affected by flooding to improve prevention and the resilience of water services to future natural disasters.”

Hera Group’s CEO Orazio Iacono, said the EIB loan is a “key component of our financial strategy that, as well as further expanding the range of innovative products and instruments adopted by the group, will also help support the 2022-2026 development plan, confirming the sound nature of our business and our financial flexibility”.

To read the latest edition of the latest IPE Real Assets magazine click here.