Simmons & Simmons advises on largest ever ESG financing

Simmons has advised the consortium of banks involved in the €10bn sustainability-linked revolving credit facility granted to Enel S.p.A and its Dutch subsidiary

International law firm Simmons & Simmons has advised the consortium of banks involved in the €10bn sustainability-linked revolving credit facility granted to Enel S.p.A and its Dutch subsidiary. The facility, which has a maturity of five years, is the largest sustainability-linked loan in the world to date.

The loan, which will be used to meet the Enel group’s financial requirements, is linked to the Key Performance Indicator of Direct Green House Gas Emissions, under the United Nations Sustainable Development Goal of ‘Climate Action’. It is also aligned with Enel’s own ‘Sustainability-Linked Financing Framework’.

Simmons advised a consortium of banks and more than 30 other global financial institutions who collaborated on the loan. Mediobanca served as the documentation and facility agent, while other financial institutions worked as bookrunners and mandated lead arrangers.

The Simmons team was led by Milan partners Nicholas Lasagna and Davide D’Affronto, supported by tax partner Marco Palanca.

Commenting on the deal, Nicholas Lasagna said: “Working on the largest ever sustainability-linked loan in the world has been a significant piece of work for the Simmons team in Milan. For the banks and other financial institutions involved, it was an extensive undertaking and we are pleased to have advised on the delivery of this world-leading credit facility.”