Citi Leads EUR 1 Billion Euler Hermes Shopping Line Financing for Enel

LONDON – Citi has acted as sole Global Coordinator for a EUR 1 billion export financing framework facility for the Enel Group (Enel), a leading global energy company. Loans under the agreement will carry a 95% guarantee from Euler Hermes, the Export Credit Agency (ECA) of the Federal Republic of Germany. Citi also served as Mandated Lead Arranger, Lender, ECA Agent, and Facility Agent.

The financing solution builds upon Enel’s relationships with German suppliers and has a focus on renewable energy, supporting Enel’s strategic corporate activities and growth objectives.  Citi structured the transaction through an overarching framework agreement, providing a flexible financing architecture that can be accessed in different currencies by various Enel subsidiaries, with the first loan of USD 580 Million extended to Enel Finance International N.V. as borrower.

"Citi is delighted to have acted as Global Coordinator on this transaction with Enel Group and Euler Hermes. The Euler Hermes Shopping Line is an innovative financing tool, and we are proud to have delivered a solution that meets the needs of a global organisation such as Enel. This transaction is a strong example of Citi's ability to structure and execute sophisticated cross-border financings for our clients," said Richard Hodder, Head of Export and Agency Finance, Citi.

Combining Citi's unparalleled global network, deep Services expertise and strategic ECA, Multilateral Agency and DFI partnerships, Citi's Export and Agency Finance platform delivers integrated, customised financing and risk management solutions. Through Citi Services, commercial and public sector clients benefit from proven solutions, institutional expertise and longstanding relationships, supporting them to execute complex, cross-border financings with greater certainty and efficiency.