SACE

SACE supported Terna’s Adriatic Link domestic HVDC submarine interconnector through an insurance/guarantee-type role within the project’s broader financing package. Terna reported that in July 2025 SACE signed agreements together with the European Investment Bank (EIB), Intesa Sanpaolo (IMI CIB Division) and Terna for a total amount of €1.5 billion to support the development and construction of the Adriatic Link connection between the Marche and Abruzzo regions. Within this package, SACE’s participation indicated the provision of risk-mitigation instruments typical of export credit agencies and public guarantee providers, helping to underpin bankability and facilitate the mobilisation of long-term capital alongside EIB and commercial banking support. The agreements were framed as enabling measures to strengthen electricity exchange in Central Italy and to facilitate the integration of renewable energy sources, aligning the project with national system security and flexibility objectives. SACE’s role was therefore linked to enabling development-to-construction execution by de-risking parts of the financing structure rather than delivering physical works. No project component quantities, contract allocation to SACE, or specific insurance product terms were disclosed in the cited project information.