The issue is linked to the achievement of Enel’s sustainable objective relating to the reduction of direct greenhouse gas emissions (Scope 1), contributing to United Nations Sustainable Development Goal (SDG) 13 (Climate Action) and in accordance with the Group’s Sustainability-Linked Financing Framework.

The issuance is structured as a single tranche of EUR1bn with an annual fixed rate of 3.875% and maturing on 9 March 2029. The bond has been listed on the Euronext Dublin regulated market. The bond is linked to the Key Performance Indicator (KPI) related to the intensity of direct greenhouse gas emissions (Scope 1) and the achievement, on 31 December 2024, of a Sustainability Performance Target (“SPT”) equal to or less than 140gCO2eq/kWh. If the SPT is not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps.

Allen & Overy advised Enel S.p.A. with a team led by partners Cristiano Tommasi and Craig Byrne, with senior associate Sarah Capella, supported by associate Elisabetta Rapisarda and trainee Francesco Laurenti. Counsel Elia Ferdinando Clarizia advised for tax profiles. A team coordinated by partner Jonathan Heeringa (A&O Amsterdam) advised Enel Finance International N.V. on the Dutch law aspects.