Agreement with EIB to finance the SA.PE.I. project

On 18 March 2010, Terna S.p.A. signed an agreement with the European Investment Bank (EIB) for a further loan of € 73 million to finance the project connecting Sardinia with the  Italian Peninsula ("SA.PE.I.") via a 500 kV d.c., HV submarine cable. This financing, issued on 25 March 2010, is in addition to the € 300 million agreed on 5 May 2008. The second financing also has a 20-year term and is repayable in half-yearly instalments from the fifth year. The economic conditions are very competitive, since the annual cost of the loan is  6-month Euribor uplifted by 40 basis points.

Renewal and expansion of EMTN programme and new bond issues

On 25 May 2010, Terna S.p.A. renewed its Euro Medium-Term Note Programme (EMTN), increasing the amount from € 2 to € 4 billion as approved by the Board of Directors on 17  February 2010, which authorised the private or public issue, on one or more occasions by 31 March 2011, of bonds totalling € 1.5 billion to finance the 2010-2014 business plan. The issues, denominated in euro or other currencies, will have a maximum term of 30 years. Deutsche Bank and Citigroup were the Joint Arrangers for the programme, which has obtained ratings of A+ from Standard & Poors, A2 from Moody's and A+ from Fitch.

Agreement with the European Investment Bank for a loan of 300 million to fund a four-year investment plan for 2010-2013

On 24 November 2010, Terna signed an agreement with the European Investment Bank (EIB) for a loan of € 300 million aimed at strengthening and enhancing the Italian electricity transport system in order to guarantee the safety and efficiency standards required of the transmission service. The loan will have a term of 20 years and shall be repaid in half-yearly instalments starting from the fifth year. The economic conditions are very competitive, since the annual cost of the loan is 6-month Euribor uplifted by 39 basis points.