Citi Structures €1B Export Credit Framework for Enel

July 11, 2026 - 00:55

Citi has structured a new EUR 1 billion export credit framework for the Italian energy group Enel. The financing is backed by a guarantee from Euler Hermes, the German export credit agency. The framework is designed to support the construction of renewable energy projects, specifically those involving German technology and equipment.

The deal represents a significant move in the green finance space, combining traditional export credit mechanisms with large-scale clean energy investment. By securing the Euler Hermes guarantee, Citi was able to offer Enel favorable financing terms. This structure reduces the risk for lenders while providing Enel with the capital needed to expand its renewable energy capacity.

Sources familiar with the transaction said the framework will be used to fund projects across multiple countries where Enel operates. The focus is on wind and solar installations that rely on components sourced from German manufacturers. This approach aligns with Germany's goal of promoting its export industry while supporting global decarbonization.

The transaction is one of the larger export credit facilities arranged this year for a European utility. It highlights how banks are using government-backed guarantees to finance the energy transition. For Enel, the deal provides long-term, cost-effective funding. For Citi, it demonstrates the bank's ability to structure complex cross-border financing that meets both commercial and environmental objectives.