INTESA SANPAOLO INCREASES ITS REVOLVING CREDIT LINE TO THE EDILIZIACROBATICA GROUP TO EUR 9.5 MILLION TO PURCHASE ECOBONUS AND SUPERBONUS TAX CREDITS

• The EdiliziAcrobatica Group has chosen Intesa Sanpaolo as its sole partner for the transfer of Ecobonus tax credits deriving from the energy upgrades of buildings, and now also those of the Superbonus programme managed through the newco Energy Acrobatica 110 Srl 
• To date the credits transferred and already paid thanks to the agreement with the Bank amount to €22 million

Turin/Genoa, 21 October 2021 - Intesa Sanpaolo increased the revolving credit line it made available to the EdiliziAcrobatica Group to €9.5 million, which the company can use for the sale without recourse to the Bank of tax credits generated both by the Ecobonus and by energy upgrades qualifying under the Superbonus programme introduced by the “Relaunch Decree”. 

To support condominium administrators and owners in completing all the paperwork related to the 110% incentive and to be able to benefit from it easily and without risk, EdiliziAcrobatica founded Energy Acrobatica 110 Srl, which offers a "turnkey" solution using a certified, transparent process and a platform dedicated to following the progress of the project and document management. The newco operates through the commercial network of EdiliziAcrobatica and its professionals and contractors located in the main cities of Italy (Turin, Milan, Brescia, Genoa, Verona, Padua, Florence and Rome) and an internal team dedicated to the transfer of the credit.

The agreement with Intesa Sanpaolo provides the EdiliziAcrobatica Group with the financial support necessary to organise the execution of the works without any worries, from the initial start-up phase to conclusion, allowing it to optimise financial resources, improve cash flow and make the most of the opportunities offered by the tax incentives. To date the credits transferred and already paid thanks to the agreement with the Bank amount to about €22 million.

The operation in conjunction with Intesa Sanpaolo was made possible by the Relaunch Decree, which allows for the possibility of transferring the bonus tax credit instead of directly declaring the deductions in annual tax forms. Intesa Sanpaolo has seen great interest in all the solutions put in place since August 2020 to allow its customers to seize the opportunities made available by the Decree, companies and individuals alike being able to make their credits “liquid” thanks to the service offered by the Bank without having to wait years, all for the benefit of the entire economy, an opportunity valid also for all those who are not tax experts. 

The Bank can intervene in three different ways: with the transfer of the tax credit; with a bridge loan to initiate and manage works on the job sites covered by the transferred tax credit; with optional free assistance from Deloitte, which helps the customer to get project approval and to manage the relative tax procedures. 

Since November 2020 the Group has received applications from companies for over 29,000 upgrade projects for a total value of about €3 billion, rising to about €6 billion if direct requests from individuals and condominiums are included.

The introduction of incentives for energy and anti-seismic upgrades of buildings is offering significant stimuli for the relaunch of the real estate market and the construction world, which over the last 10 years experienced extensive downsizing at the national level and suffered significantly from the containment measures introduced during the pandemic. In the housing sector, urban redevelopment projects and increasing attention to environmental sustainability issues and combating hydrogeological risk will also give new impetus to investments. There is a significant amount of potential in this area, as 74% of residential buildings in Italy were built before 1980. Liguria and Piedmont are the Italian regions with the largest share of buildings built before 1980, with 87% and 83% respectively. After Florence, Genoa is the Italian city with the highest share of buildings built before 1980 (97.3%), while the city of Turin ranks third, with 93.2% of the total (source: Intesa Sanpaolo Research and Studies Department).

“The flexible and modular proposal that we have put in place, reinforced by synergies and important agreements such as the one stipulated with the EdiliziAcrobatica Group, allows our customers to seize all the opportunities made available by the construction tax incentives”, explains Andrea Perusin, Regional Director of Piedmont South and Liguria of Intesa Sanpaolo. “This way we can both contribute concretely to the efficiency of real estate assets and support the production chains of the construction sector, a fundamental driver for relaunching the economy and employment. The bank's extensive tax capacity gives companies the peace of mind to transfer their credits and, combined with Deloitte's continuous process innovations and qualified assistance, guarantees the solidity of our support. These efforts are consistent with the National Recovery and Resilience Plan's focus on ecological transition, which is also a key priority for "Engine Italy", our programme of initiatives and financing for the relaunch of SMEs, with €50 billion of new credit, of which €5.3 billion in the northwest”.

“The 110% Superbonus represents a great opportunity to relaunch the country's economy”, commented Riccardo Iovino, chairman of EA 110 and CEO of EdiliziAcrobatica S.p.A. “Since it came into force, it has shown a potential that is clear to those working in the construction sector. Precisely for this reason, last spring we set up Energy Acrobatica 110, which acts as the main contractor and provides access to the entire construction chain involved in the Superbonus programme, offering the skills necessary for proper regulatory interpretation and end customer satisfaction that would otherwise be fragmented and difficult to manage".