Image courtesy EIB
The European Investment Bank (EIB) and multi-utility company AGSM AIM have signed a finance contract totalling €120 million ($140.7 million) to strengthen and modernise the power grid in the Italian municipalities of Vicenza, Verona and Grezzana.
The financing, which can be used all at once or split into tranches, will be directed to projects improving the grid’s operational efficiency, resilience and sustainability.
AGSM AIM Group operates in the electrical energy, gas, district heating, energy efficiency, street lighting, telecom services, electric mobility and environmental health sectors.
Commenting in a release was AGSM AIM managing director Alessandro Russo said: “This new EIB financing confirms our commitment to investing in our longstanding operational areas, making them more modern and sustainable.
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“These technical operations are also strategically important to providing residents and businesses with an efficient power supply able to meet future challenges. The support of an institution like the EIB shows the strength of our business plan and the group’s ability to lead the national energy transition.”
Said EIB vice-president Gelsomina Vigliotti: “This agreement shows our growing practical commitment to backing investments to make power grids more modern, sustainable and resilient, benefiting local communities and Italy’s energy transition.”
The group created by the merger of AGSM Verona and AIM Vicenza is publicly owned, with 61.2% owned by the municipality of Verona and 38.8% by the municipality of Vicenza.
Its multi-business model enabled it to record substantial profitability growth in 2024, with €1.9 billion ($2.2 billion) in revenue and €182 million ($213.4 million) EBITDA. The company has over 2,000 employees and 890,000 electricity and gas customers.
In the last five years, the EIB Group has provided more than €58 billion ($68 billion) in financing for projects in Italy.
