Snam Launches First Climate Action Bond in Europe


Orrick advised Snam in the issuance of a €500 million Climate Action Bond. The transaction involved financial institutions including Bank of America Merrill Lynch, BNP Paribas, ING, Banca IMI, Crédit Suisse, Goldman Sachs and Mitsubishi UFJ Financial Group as joint bookrunners of the placement.

The securities will be listed on the regulated market of the Luxembourg Stock Exchange. Compared to traditional green bonds, Climate Action bonds have a wider horizon because they can finance or refinance both green investments and those that improve their impact.

The proceeds from the Climate Action Bond will be used to fund both Snam’s green investments in biomethane and energy efficiency and also those aimed at improving the environmental impact of Snam’s activities, in the light of the target of reducing the company’s methane emissions by 25% by 2025.

Our team was led by Patrizio Messina and included Alessandro Accrocca, Beatrice Maffeis and Serena Mussoni.