Orrick has advised Enel Finance International N.V. e Enel S.p.A., while White & Case has advised Citigroup Global Markets Limited as arranger on the transaction.
The transaction consisted in the update of Enel Group’s Sustainable Development Goal (SDG) Target Euro-Commercial Paper (ECP) Programme, with a maximum total value of €8 billion.
The Programme, which provides for the issuance of SDG Target Notes, is included in the sustainability-linked framework adopted by Enel Group and is designed to support its financial activity in achieving targets for the reduction of carbon dioxide emissions from the production of electricity and heating between now and 2024.
The Programme has also obtained the STEP Label from the Short-Term European Paper (STEP) Secretariat.
Orrick worked alongside Enel’s in house – Francesca Romana Napolitano, Simona Florio, Marica Minnucci and Andrea Santalco – and Enel Finance International’s in house – Irina Dushina – with a team led by partner Alessandro Accrocca supported by associates Cosimo Spagnolo, Edoardo Minnetti and junior associate Alessandro Righi.
The White & Case team that advised on the transaction included partners Michael Immordino (Milan and London), Ferigo Foscari (Milan) and Richard Pogrel (London) and associates Pietro Magnaghi and Nicole Paccara (both Milan).
Involved fees earner: Alessandro Accrocca – Orrick Herrington & Sutcliffe LLP; Edoardo Minnetti – Orrick Herrington & Sutcliffe LLP; Cosimo Spagnolo – Orrick Herrington & Sutcliffe LLP; Ferigo Foscari – White & Case; Michael Immordino – White & Case; Pietro Magnaghi – White & Case; Nicole Paccara – White & Case; Richard Pogrel – White & Case;