The transaction is structured as a sustainability-linked facility, embedding a carbon footprint key performance indicator (KPI) and sustainability performance targets to manage greenhouse gas emissions (GHG).
The facility is guaranteed by SACE, Italy’s insurance and finance group controlled by the Ministry of Economy and Finance, under its Push Strategy program. This mechanism supports Italian exports by guaranteeing loans to international buyers that commit to increasing purchases of Italian goods and services.
For CBA, this means not only meeting environmental targets but also deepening trade ties with Italian suppliers in industrial equipment, engineering services, and other aluminum production-related inputs.
The cross-border Norton Rose Fulbright team was led by José Cobeña, with support from Dan Spencer, Juliana Souza (São Paulo), Arturo Sferruzza, and Giulio Mariano (Milan). The transaction involved coordination across Brazilian, Italian, UK, and U.S. legal frameworks to align sustainability requirements with export financing terms.
Sustainability-linked export financing is becoming an increasingly common tool for linking capital access to measurable ESG outcomes. According to SACE, Push Strategy operations in Brazil have previously supported projects in energy, agribusiness, and manufacturing.
CBA, a subsidiary of Votorantim, has a public sustainability strategy targeting reductions in Scope 1, Scope 2, and Scope 3 emissions intensity, as outlined in its Sustainability-Linked Financing Framework. Independent second-party opinions from ratings agencies have confirmed alignment with the Sustainability-Linked Loan Principles of the Loan Market Association.
This transaction also adds to Norton Rose Fulbright’s 2025 portfolio of sustainability-linked mandates, which include advising on facilities in Latin America, Europe, and Asia across the commodities, energy, and infrastructure sectors.
