CDP lends €140 million to Crédit Agricole Auto Bank to fund the purchase of 5,000 environmentally-friendly vehicles by Italian SMEs and Mid-Caps
In a significant move aimed at facilitating access to credit for small and medium-sized enterprises and Mid-Caps to purchase 5,000 zero- and low-emission vehicles, Crédit Agricole Auto Bank has successfully secured €140 million through a senior unsecured bond placement with Cassa Depositi e Prestiti. The objective is to expedite the green transition within the automotive sector.
- Cassa Depositi e Prestiti has subscribed in full to CA Auto Bank’s bond issue designed to fund investments in zero- and low-emission cars.
- Over half of the bond placement proceeds will be on-lent to SMEs.
In a significant move aimed at facilitating access to credit for small and medium-sized enterprises and Mid-Caps to purchase 5,000 zero- and low-emission vehicles, Crédit Agricole Auto Bank has successfully secured €140 million through a senior unsecured bond placement with Cassa Depositi e Prestiti. The objective is to expedite the green transition within the automotive sector.
Specifically, the resources made available by CDP will be entirely utilized by Crédit Agricole Auto Bank to extend new loans of up to €10 million, with a minimum maturity of 12 months, to SMEs and Mid-Caps with registered and/or operational headquarters in Italy. The funds will be used to purchase over 5,000 low-emission vehicles, including Euro 6D excluding diesel, electric, plug-in hybrid, mild hybrid, and alternative propulsion (LPG or methane) models for energy conservation, with at least 51% of the funds earmarked for SMEs. This transaction is further confirmation to CA Auto Bank’s commitment to spearheading the energy transition, fostering greater access to zero- and low-emission vehicles. The initiative aligns with the priorities outlined in the CDP Guidelines, emphasizing the reinforcement of indirect support for SMEs’ investment and growth plans by facilitating their access to credit, as envisioned in Cassa Depositi e Prestiti’s Strategic Plan 2022-2024.
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