Che cos'è il Progetto Cider?

È il più grande parco solare dello Stato di New York, sviluppato da Greenbacker con una capacità di 500 MWac per sostenere la transizione energetica.

Qual è il ruolo di Intesa Sanpaolo nel progetto?

La Divisione IMI Corporate & Investment Banking di Intesa Sanpaolo ha agito in qualità di Coordinating Lead Arranger, Bookrunner e Co-Syndication Agent con un ruolo chiave nel finanziamento in pool e con un ruolo pivotale tra tutte le parti interessate, dalla strutturazione al closing.

Quali benefici porta il progetto alle comunità locali?

Cider Project genera centinaia di posti di lavoro, investimenti infrastrutturali e contribuisce alla decarbonizzazione dello Stato di New York.

Qual è l'impatto ambientale del Progetto Cider?

L'impianto contribuirà a evitare milioni di tonnellate di emissioni di CO₂ e a generare energia pulita sufficiente a 120.000 famiglie all'anno.

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With IGD for an increasingly sustainable financial structure

Intesa Sanpaolo is a long-standing partner of IGD in a series of debt and loan transactions aimed at supporting its long-term growth

06.05.2026

fruition time: 8 min

IGD confirms its ability to secure financial resources at competitive costs and to diversify its sources of funding. We therefore continue along the path outlined in the 2025–2027 Business Plan, extending maturities and reducing the cost of debt.

Roberto Zoia

CEO and Managing Director, IGD

Intesa Sanpaolo, through its journey alongside IGD, reaffirms its key role in supporting clients facing the challenges of Sustainable Finance, providing expertise and resources to foster its economic development and growth.

Andrea Mayr

Head of Client Coverage & Advisory
IMI Corporate & Investment Banking Division, Intesa Sanpaolo

BACKGROUND: IGD AND THE RETAIL REAL ESTATE SECTOR

Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) is an Italian property company that owns and manages shopping malls —a sector that is constantly evolving and of primary interest to both Italian and international investors.

In Italy, it ranks among the leading players in the retail real estate sector and is the first and only company listed on the STAR segment of Borsa Italiana to have adopted the SIIQ¹ regime.

Thanks to its cross-functional expertise and deep knowledge of its reference market, IGD manages its assets with a strategic, long-term perspective aimed at preserving and increasing their value over time; sustainability is a core value embedded in every aspect of the business, through efficient, responsible management focused on solid and lasting growth.

OBJECTIVES OF THE 2025-2027 IGD STRATEGIC PLAN

In line with the objectives of its 2025–2027 Business Plan, IGD is working to optimise its financial structure through initiatives aimed at:

diversifying its sources of funding
rebalancing the composition of its Net Financial Position between the banking system and the capital markets
further extending the maturity profile and reducing the average cost of debt

Furthermore, IGD aims to strengthen the resilience of its assets against risks related to climate change, such as extreme weather events and significant shifts in climate conditions, thereby helping to ensure operational continuity and the functionality of the properties involved.

THE PROJECT: RESILIENCE AND SUSTAINABLE GROWTH

Intesa Sanpaolo, through its IMI Corporate & Investment Banking Division, is a long-term partner of IGD, supporting it in the pursuit of its strategic sustainable growth projects.

In particular, among the most recent transactions in which Intesa Sanpaolo has supported IGD, is the placement of a EUR 300M 5-year green bond, executed during an excellent market window.

The strong interest of investors in operators in this sector led the order book to exceed EUR 1.3Bn at its peak, with participation from leading institutional investors. The net proceeds of the transaction, initially announced with an expected yield of 4.75% and whose final coupon was later set at 4.45%, will be used to refinance green projects belonging to the “Green Buildings” category, as outlined in the company’s Green Financing Framework (adopted in line with the ICMA Green Bond Principles).

This IGD green bond, for which the IMI Corporate & Investment Banking Division acted alongside other leading institutions as Global Coordinator and Joint Lead Manager, marks the issuer’s return to the primary market.

The transaction is part of a broader framework of support for IGD, which saw Intesa Sanpaolo participate in a first EUR 615M green loan in pool in February 2025 and a second EUR 165M one in February 2026; in these latter transactions, the IMI Corporate & Investment Banking Division acted as Mandated Lead Arranger, Agent, Security Agent and Green Loan Coordinator.

Finally, with regard to the need to mitigate the impact of climate risks on its shopping centre portfolio, IGD has entered into an innovative financing structure with Intesa Sanpaolo of up to EUR 10M, with a 5-year term, aimed at supporting projects to enhance climate change Adaptation and Resilience (A&R).

KEY SUCCESS FACTORS

Global coordination of the transaction: Intesa Sanpaolo provides a full coordination service, ranging from structuring to execution, covering both bond issues and loans, confirming its expertise as a lead bank.
ESG Advisory: we offer a specialist advisory service on ESG and sustainability-related matters, with the aim of integrating these aspects into the structure of the proposed products (green bonds, green loans, projects to enhance climate change Adaptation and Resilience (A&R), etc.).
Sustainable Finance Support: by acting both as a financing institution and as a promoter of new virtuous market practices, we reaffirm our commitment to supporting investments aimed at sustainable economic and social development.

1 The Italian SIIQ (Società di Investimento Immobiliare Quotata) regime is equivalent to the REIT (Real Estate Investment Trust) model, which is used in many European countries and beyond to encourage potential shareholders to invest in property companies, thereby benefiting from the sector’s resilience whilst enjoying the liquidity offered by the stock market.

VIDEO TRANSCRIPTION

With IGD for an increasingly sustainable financial structure

Roberto Zoia
CEO and Managing Director, IGD

Immobiliare Grande Distribuzione is the leading listed company in the Italian real estate sector. It is a socially responsible group operating in a constantly evolving industry that is of primary interest to both Italian and international investors characterized by a long-term perspective.

Today, our strategy is mainly focused on the Italian market, where we operate to consolidate our leadership, optimize the portfolio, and strengthen the Group’s financial solidity.

We presented the 2025–2027 Business Plan and translated this vision into three key pillars: the first is to optimize our financial structure - by extending maturities and reducing the cost of debt; the second aims to maximize value creation by improving the experience of visitors and operators; last but not least, to increase the appeal of our investments, particularly from an ESG perspective, making them efficient, modern, and attractive.

Through these choices, we are committed to continue growing sustainably, confirming IGD’s presence among the main European retail players, with properties that create community and act as social hubs.

To achieve these goals, we consistently rely on the support of leading financial partners, such as Intesa Sanpaol’s IMI Corporate & Investment Banking Division, which always stands by our side and represents a key reference point in supporting our business.

Alfonso Tedesco
Global Relationship Manager, Industry Food & Beverage and Distribution
IMI Corporate & Investment Banking Division, Intesa Sanpaolo

In support of the strategy outlined in IGD’s business plan, and in continuity with the longstanding partnership that defines our relationship with this client, in 2025 and 2026 Intesa Sanpaolo’s IMI Corporate & Investment Banking Division structured - together with a pool of leading Italian and international financial institutions - two green secured financings of EUR 615M and EUR 165M, respectively.

In addition, in October 2025 we supported IGD in placing a new 5-year EUR 300M green bond issuance.

Overall, these initiatives enabled the company to strengthen its financial profile by extending the average maturity of its debt and reducing its costs, to successfully return to the capital markets, and to confirm the positive outlooks assigned by Rating Agencies.

More recently, on a bilateral basis, the IMI Corporate & Investment Banking Division of Intesa Sanpaolo signed with IGD the first innovative A&R (Adaptation and Resilience) loan facility, aimed at financing investments focused on preventing, managing, and reducing risks related to climate change.

We believe this represents a concrete and virtuous example of how finance can integrate with clients’ sustainable transition strategies.

Paolo Re
Head of DCM, Global Primary Markets & Solutions
IMI Corporate & Investment Banking Division, Intesa Sanpaolo

Intesa Sanpaolo’s IMI Corporate & Investment Banking Division acted as Global Coordinator and Joint Lead Manager on the issuance of a EUR 300M 5-year senior unsecured green bond by IGD, confirming its role as a strategic partner for the company.

The transaction attracted investor demand of EUR 1.35Bn, well above the amount offered. The quality and granularity of the order book made it possible to revise the final coupon, which was set at 4.45% annually, compared to the initial pricing guidance of 4.75% area

The success of this placement enabled IGD to diversify its funding sources and to re-establish its presence on the international capital markets.

Intesa Sanpaolo is a prominent player in the bond markets, leveraging deep expertise to serve corporate and institutional clients, including both domestic issuers and international organizations.