Green Bond Fact Sheet

Pagano & Ascolillo

Date: 29/07/2020

Issue date: 31-01-2019 Maturity date: 31-12-2038 Tenor: 19.9
Issuer name

Pagano & Ascolillo
Public Lighting SpA

Amount issued

EUR7.1m/USD8.1m

Country of risk

Italy

CBI Database

Included

Issuer type1

Non-Financial
Corporate

Bond typeSr Secured

Green bond framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☐ Certified Buildings☐ HVAC systems☒ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Pagano & Ascolillo will provide the bondholders semi-annually with a detailed Operating
Report. Furthermore, an independent technical advisor will provide the bondholders
monthly with a Construction Report and will also deliver environmental impact of ongoingprojects.
Pagano & Ascolillo is a Neapolitan Energy Service Company specialises in public lighting
infrastructures.

Firsts, records andcertifications
Proceeds description

Ultimately, the proceeds will finance the Public lighting system (installation of LEDstreetlights) and ancillary services in six municipalities in Umbria, Molise and Campania.
The issuer will draw down from the bond as required to provide funding as projects areawarded and progressed.
The admission document explains that the proceeds from the issue will be used by thecompany to purchase the entire stake in the SPV that manages the Giugliano and to financethe development of the Polla Project.

Climate Bonds view

Underwriters

This bond is the first project bond in Italy for the financing of greenfield projects and is thefirst project bond for public private partnerships (PPP) for street lighting across six different
municipalities. It offers an innovative financing solution for modernising public
infrastructure towards a sustainable future. For local governments in European peripheryor other emerging market with budgetary constraints and low creditworthiness, rather
than financing the project directly, they can put the projects to tender. In this case, Pagano& Ascolillo has participated in public tenders and is the sponsor of the SPVs to be awarded
PPP concessions, which are funded by the Project Bond listed on Borsa Italiana’s ExtraMOTPRO Green & Social segment for the financing of greenfield projects.
Foresight Group LLP

Deal comments
Credit rating
Pricing summary••

Investors summary

This bond is subscribed by Foresight Italian Green Bond Fund.

Coupon: 5.82%
Price: 100%

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign