Proger Obtains an ESG Linked Loan of 8 Million from Crédit Agricole Italia

Proger spa, a general engineering company that develops and executes large-scale multidisciplinary projects, has obtained an 8 million euro ESG KPI Linked loan from Crédit Agricole Italia to support investments and expansion in international markets.

The loan is combined with a pricing reduction mechanism, connected in turn to the achievement of some sustainability objectives such as the reduction of GHG emissions and the adherence of the company’s suppliers to the principles of its code of ethics, the company explained and the credit institution.

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What will Proger do with the money

Founded in 1951 in Abruzzo, Proger operates in the engineering-architectural design sector aimed at the creation of civil and industrial construction works, commissioned by private and international companies and local public bodies, through over a thousand professionals operating in approximately 20 countries around the world.

The company, of which Cadogan Petroleum Holdings bv (38.52%), CEO Marco Lombardi (17.72%) and Umberto Sgambati (17.72%) are beneficial owners, closed 2022 with 69 million euros of revenues, 14.9 million of Ebitda and 31 million of net financial debt, compared to a net equity of 69.9 million.

As regards the state of health for 2023, however, it was Marco Lombardi himself who declared in March 2023: ” We are well, very well. 2023 promises to be the best year in our history. From the point of view of turnover, operating margin and increase in resources. A growth path that starts from afar and that did not stop even during the pandemic.”

Regarding the new ESG linked loan, Roberto Lombardi , CFO of Proger, recalled that the company “since 2021 has undertaken an increasingly structured and programmatic path in the field of corporate social responsibility, because attention to sustainability is not just an opportunity, but a necessary and new approach to the reference markets. Noting that a banking partner of the caliber of Crédit Agricole has decided to accompany us on this path is a concrete and positive confirmation of the attention that the banking system places towards the complex issues of social and environmental sustainability.”

And Marco Perocchi , head of the Corporate Banking Department of the credit institution, commented: “The drive towards internationalization, combined with an ever greater attention to sustainability issues, represent the founding pillars for growth for Crédit Agricole Italia of our country’s economic system. The financing provided to Proger spa allows it to invest in this direction, encouraging the organic growth of Made in Italy excellence and at the same time increasing the ESG commitment.”

As regards the credit institution, this month it had already provided a similar loan (ESG KPI linked loan) to the Colussi Group (bakery products, pasta and chocolate), which operates through famous brands such as Colussi, Misura, Sapori 1832 and Agnesi. In that case the amount was 15 million, with disbursement combined with a spread reduction mechanism , connected in turn to the progressive achievement of two ESG objectives linked to the company’s Sustainability Plan.

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(Featured image by Lance Anderson via Unsplash)

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