2i Aeroporti announces new financing of up to €540 million for the development and consolidation of its business

PRESS RELEASE

2i Aeroporti announces new financing of up to €540 million for the development and consolidation of its business
2i Aeroporti, a company controlled by F2i and jointly owned by Ardian Infrastructure and Credit Agricole Assurance, has finalised a Sustainability Linked Loan

Milan, 23 November 2023 – 2i Aeroporti, a vehicle controlled by the Third F2i Fund (51%) and by a consortium formed by Ardian and Credit Agricole Assurances (49%), has completed a €540 million 5-year bank financing transaction, consisting of a tranche of approximately €220 million to refinance existing debt and a tranche of approximately €300 million to support new initiatives for the development and consolidation of the sector in Italy. 

The portfolio of companies currently controlled and held by 2i Aeroporti includes the operators of the airports of Milan (Linate and Malpensa), Naples/Salerno, Turin, Trieste and Bologna, as well as a minority stake in Skyports, a global operator specialising in innovative vertiport and drone services. 

The transaction was structured as a Sustainability Linked Loan, involving the introduction of specific sustainability targets for the main airport companies in the portfolio. These targets relate to (a) the progressive reduction of Scope 1 and 2 GHG emissions over the period 2023-2027, (b) the inclusion of Scope 3 GHG emissions reduction targets from 2026 onwards, and (c) Airport Carbon Accreditation (ACA) certification, which has already been achieved by Milan Linate, Malpensa and Naples airports at level 4+ (currently the highest level of certification which assesses the actions taken by airports to manage and reduce CO2 emissions). 

The effort aligns with the commitment of all airports in the F2i/Ardian network to initiatives and investments aimed at achieving decarbonisation targets. This commitment goes beyond the ACA certification and includes various measures such as vehicle electrification, encouraging the use of next-generation aircraft and Sustainable Aviation Fuel (SAF), promoting the construction of renewable energy plants and the use of cutting-edge technologies. 

The transaction was structured with the collaboration of eight prominent national and international banks. Credit Agricole, Intesa Sanpaolo and Unicredit acted as global and sustainability coordinators, while BPER, BPM, Mediobanca, Natixis and Societé Générale as lenders. 

At the same time as the transaction, GESAC, the company that manages Naples airport, secured a sustainability-linked credit facility of up to €120 million. This facility includes a tranche aimed at refinancing existing debt with Credit Agricole, Intesa Sanpaolo, Unicredit, BPER and BPM, and a tranche organised with Cassa Depositi e Prestiti dedicated to sustainability initiatives and innovative investments at the Naples Airport.