The FNM (Ferrovie Nord Milano) group will obtain an EUR 80 million loan from the European Investment Bank (EIB) for the development of its hydrogen initiatives in rail and road transport.
As stated in the official note issued by the Lombard company in relation to the results for the first quarter of 2026, in fact, “the FNM Board of Directors has given a mandate to the Chairman to sign a financing contract with the EIB for a total amount of up to EUR 80 million, intended to support the development of the group’s innovative projects linked to hydrogen, with the aim of fostering energy transition and promoting sustainable mobility”. FNM adds that the “EIB has shown significant interest in participating in the financing of such projects by including them in the InvestEU programme promoted by the European Commission”.
It is first of all the H2iseO project, which provides for the introduction (as of 2027) of hydrogen trains supplied by Alstom along the Brescia-Iseo-Edolo route in Valcamonica, but also of the 5 H2 roadside refuelling stations which the subsidiary Milano Serravalle – Milano Tangenziali is building along its network thanks to PNRR funds.
The loan – FNM further specifies – will have a total duration of 15 years from the date of use, with an availability period of 36 months from the date of signing, amortising repayment, with a pre-amortisation period of 3 years. The agreement provides for financial and non-financial covenants, conditions precedent and events of default in line with the EUR 1 billion loan agreement signed on 22 July 2025 between FNM and a pool of banking institutions. A SACE guarantee is also envisaged to cover the 50% of the amount financed.
“The transaction,” the note concludes, ‘further contributes to the diversification of the FNM group’s sources of financing and, thanks to its duration, makes it possible to optimise the debt repayment profile and to extend the average maturity of the debt.
