Salov will build a new generation edible oil storage plant, thanks to the funding provided by Intesa Sanpaolo and supported by SACE’s Green Guarantee.
S-loan is the financing created by Intesa Sanpaolo to support virtuous companies in achieving ESG goals.
01 December 2022 - Corporate
INTESA SANPAOLO AND SACE FOR SALOV: 5 MILLION EUROSWITH GREEN GUARANTEE FOR SUSTAINABLE GROWTHPROJECTS
Lucca, December 1st, 2022. Intesa Sanpaolo provides 5 million euros, supported by SACE’s Green Guarantee, to finance the industrial efficiency of Salov S.p.A., a leading global player in the edible oil industry. The operation is part of Intesa Sanpaolo’s wider plan to support companies’ investments in environmental transition and PNRR-related goals.
The investment includes ESG (Environmental, Social, Governance) improvement goals through an intervention that will allow the company, operating in the food oil processing and sales sector and based in the province of Lucca, to build a new generation storage plant for products, capable of mitigating the potential harmful effects of seasonal temperature fluctuations that impact the oil quality. SALOV, with its expertise in the olive oil world, always focused on quality and increasingly aware of sustainability, is present in the Italian market with the historic Sagra brand and launched the Filippo Berio brand in late 2019, a brand with over 150 years of history and already present all over the world with leading positions in several countries. Intesa Sanpaolo believes it is crucial to promote the development of a sustainable economy, fostering growth in this culture and recognizing the relevance of investments that are framed within the three guiding criteria, known as ESG. Criteria that have been fully endorsed in the “Motore Italia” intervention plan, which, thanks to the collaboration with SACE, supports virtuous SMEs in achieving sustainability and innovation projects.
With this in mind, a medium-long term financing tool called S-Loan is planned to accompany the efforts of companies towards greater sustainability, valuing investments in line with ESG criteria, and offering favorable conditions, thanks to the rate reductions that will be recognized upon reaching the goals.
By 2026, Intesa Sanpaolo plans to provide medium-long term funding for over 410 billion euros, 120 of which are destined for SMEs, actively contributing to the country’s economic recovery in close correlation with PNRR goals.
SACE plays a leading role in Italy’s ecological transition. The company can indeed release green guarantees on domestic projects that facilitate the transition towards a low-impact economy, integrate production cycles with low-emission technologies for the production of sustainable goods and services, and promote initiatives aimed at developing a new low-emission mobility.
This operation, carried out through synergies with the SACE Network, falls under the scope of the green convention with Intesa Sanpaolo, in which SACE intervenes with a guarantee covering financing for both large industrial conversion projects and SMEs that aim to reduce their environmental impact and embark on a sustainable transformation.
“This important operation is in line with the philosophy that has always driven Salov: to innovate while paying attention to sustainability in all its forms,” says Fabio Maccari, CEO of SALOV SpA. “The contribution, aimed at supporting the improvement of the storage facility, will allow us to further increase our focus on the quality of our oil and limit the use of external storage, resulting in a reduction of transport and emissions, following ESG improvement goals.”
“Support to the Salov Group through a 5 million euro financing falls within Intesa Sanpaolo’s commitment to innovation and sustainability. Thanks to the investments the company is making, there will be further improvement from an environmental and social point of view. This is why we have provided adequate financial support in line with the initiatives of the PNRR,” says Tito Nocentini, Regional Director of Intesa Sanpaolo for Tuscany and Umbria.
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SALOV SpA was established in 1919 by Giovanni Silvestrini, a long-time business partner of Filippo Berio, the founder of the homonymous brand, and a group of entrepreneurs from Lucca. Quickly, the company became a reference point for Lucca in the world. Salov is based in Massarosa, in the province of Lucca, and is one of the largest oil companies with a consolidated net revenue of approximately 376 million euros and 120 million liters sold in 2021. Since 2015, it has been part of the Bright Food International Group.
The Salov Group has always been present in the Italian market with the historic Sagra brand and launched the Filippo Berio brand in Italy for the first time in 2019, a brand with over 150 years of history present all over the world and in leading position in the USA, UK, Russia, Belgium, Switzerland, and Hong Kong.
In Italy, Filippo Berio is present with a dedicated range, capable of responding to an increasingly demanding consumer in terms of quality and, above all, traceability and sustainability. Thanks to the Berio Method, each stage of the production process is traced and certified starting from the field and from the application of sustainable integrated production techniques.
Intesa Sanpaolo is Italy’s largest banking group, a reference point for families, businesses, and the real economy, with a significant international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management, Protection & Advisory and characterizes its strong focus on digital and fintech. It is an efficient and resilient bank, serving as the parent company of product factories in asset management and insurance. The strong commitment to ESG involves 115 billion euros of impact financing by 2025, dedicated to the community and green transition, and contributions of 500 million to support people in need, positioning Intesa Sanpaolo at the forefront of global social impact. Intesa Sanpaolo has committed to net-zero emissions by 2030 for its own emissions and by 2050 for its loan and investment portfolios, asset management, and insurance activities. As a staunch supporter of Italian culture, Intesa Sanpaolo has developed a museum network, the Galleries of Italy, which serves as an exhibition venue for the bank’s artistic heritage and valuable artistic projects.
SACE is the Italian insurance and financial group, directly controlled by the Ministry of Economy and Finance, specialized in supporting businesses and the national economy through a wide range of tools and solutions to enhance competitiveness in Italy and worldwide. For 45 years, SACE Group has been the reference partner for Italian companies that export and grow in foreign markets. It also supports the banking system by facilitating access to credit for companies with its financial guarantees. It recently expanded its role with new instruments to support liquidity, competitiveness investments, and sustainability as part of the Italian Green New Deal, starting with the domestic market. With a portfolio of insured operations and guaranteed investments of 165 billion euros, SACE, along with all the companies in the Group – SACE FCT which operates in factoring, SACE BT active in the Credit, Bonds, and Other Damages to Property branches, and SACE SRV, specialized in credit recovery and management of information assets – serves over 25,000 companies, mostly SMEs, supporting their growth in Italy and in about 200 foreign markets.