Rating agencies' valuation on Iren's creditworthiness testifies to the Group's financial solidity.

The electronic version of the prospectus and any other documents related to the EMTN program (as well as the information contained therein), are made available on this website by Iren S.p.A. in good faith and for informational purposes only.

Such documentation is not addressed to, and should not be accessed by, individuals located in the United States, Australia, Canada, Japan, or any other jurisdiction where the publication and/or availability of such documentation would be prohibited.

This documentation does not constitute, nor is it part of, any offer or solicitation to purchase securities in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale is prohibited ("Excluded Countries"). Any securities issued in connection with an offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or under any applicable law on the offering or solicitation of financial products in Excluded Countries. Accordingly, unless exempted under the relevant laws on the offer or solicitation of financial products, such securities may not be offered, sold, resold, transferred, delivered, or distributed, directly or indirectly, in the Excluded Countries, or in any other jurisdiction, if to do so would constitute a violation of the relevant laws, or might require registration of such securities in the relevant jurisdiction.

If you are not authorised to view the above documentation on this site, or there is any doubt as to whether you can access it, please exit this site. Such documentation must not be made public, forwarded, distributed or sent to Excluded Countries or any other jurisdiction where such offers or sales are illegal. Persons receiving such documentation (including custodians and trustees) should not distribute or send them to or from Excluded Countries.

This publication does not constitute a public offering of financial products in Italy within the meaning of article 1, paragraph 1, letter t) of Legislative Decree no. 58 of 24 February 1998, and the relevant documentation will not be submitted to CONSOB for approval.

Iren established on 16 October 2015, a bond issue program called "Euro Medium Term Notes" (EMTN), filed with the Irish Stock Exchange. Initially approved for an amount of 1 billion Euro, the program has been adjusted over the various years bringing the total maximum value to the current 4 billion Euro. The bonds to be issued under the Program will be placed with institutional investors.

The adoption of the EMTN program is part of the Iren Group's financial strategy aimed at constant flexibility and optimisation of its financial structure and allows it to take advantage of favourable bond market windows in a timely manner.

All outstanding senior bonds were issued under the EMTN Program and the current rating of the bonds coincides with the medium/long-term rating assigned to the Company by the rating agencies S&P and Fitch.

All senior bond issues of Iren S.p.A. are listed on the regulated market of the Irish Stock Exchange (Euronext Dublin). 

In 2025 January, the inaugural unsecured, non-convertible, subordinated, perpetual and hybrid bond with a nominal value of €500 million was issued. The issuance was carried out on a stand-alone basis (outside the EMTN Program) and the bonds were rated “BB+” by both Standard and Poor's and Fitch.

The Hybrid Bond is listed on the regulated market of the Irish Stock Exchange (Euronext Dublin).

The medium-long term strategy of the Iren Group, strongly oriented towards sustainable development, is also reflected in its financial management with a strong focus on the adoption of instruments to support the investment plan for the green transition, local presence and service quality.

Starting from 2017, the year in which the first Green Bond was issued, the Iren Group has strengthened the path undertaken in sustainable finance.

Iren has also consolidated its historical relationship with EIB (European Investment Bank), CEB (Council of Europe Development Bank) as well as CDP (Cassa Depositi e Prestiti), institutions that support investment projects with environmental and social sustainability requirements.

The Sustainable Financing Framework highlights how the Iren Group intends to continue supporting its sustainable development vision by combining the use of different Green & Sustainability-linked financing instruments. The Framework is aligned with 2021 Green Bond Principles and 2020 Sustainability-linked Bond Principles of the ICMA (International Capital Market Association), and with 2021 Green Loan Principles and 2022 Sustainability-linked Loan Principles of the LMA (Loan Market Association). Within the Sustainable Financing Framework, Iren S.p.A. may issue any type of debt instrument such as bonds (senior unsecured, subordinated unsecured or hybrid, or project bonds), loans, guarantees and derivatives.