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Banks pool with Fratelli Cosulich for a gas carrier

A pool of institutions made up of Crédit Agricole Italia, in the role of Arranger, Lender and Agent Bank, and UniCredit S.p.A., Cassa Depositi e Prestiti (CDP), Banco BPM S.p.A. in the roles of Arranger and Lender, he disbursed a loan of € 29.5 million

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An LNG-carrier ship

 

Rome - A pool of institutions made up of Crédit Agricole Italia, in the role of Arranger, Lender and Agent Bank, and UniCredit S.p.A., Cassa Depositi e Prestiti (CDP), Banco BPM S.p.A. in the roles of Arranger and Lender, he disbursed a loan of € 29.5 million, backed by the SACE Guarantee, to Fratelli Cosulich for the construction of a gas carrier.

The SACE intervention falls within the scope of the "Strategic survey for the Italian economy in terms of the activation of production and employment processes" pursuant to Article 2 of Legislative Decree no. 143/1998.

The loan, which will cover 70% of the total value of the entire operation, equivalent to approximately 44 million dollars, will be used by Fratelli Cosulich for the construction of a boat which, with its approximately 5,300 deadweight tons, will be in capable of transporting over 8,200m3 of LNG and 500m3 of MGO (marine gasoil), as well as a cargo management system that will be designed and built by Wartsila Gas System.

In addition to the conventional boil off management systems (GCU - Gas Combustion Unit), it will also be ready for the installation of an LNG "subcooling" system, which will make it possible to have the most effective Boil Off Gas reduction technologies, with the consequent total elimination of potential environmental impacts, albeit limited and deriving from the use of the GCU.

These characteristics, in addition to strongly connote the sustainability of the investment, have allowed Fratelli Cosulich to benefit from a grant from the European Union, which aims to support the development of alternative fuel distribution infrastructures to contribute to the decarbonisation of transport in Europe.

In this context, CDP acted as an executive partner of the European Commission for Italy, facilitating access to European resources. In addition, the Trieste-based company is committed to operating with absolute safety, investing in reducing its footprint and contributing to the infrastructure for the entire shipping and logistics sector. The banks were assisted by the Watson Farley & Williams law firm while the Turci Law Firm assisted Fratelli Cosulich.

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