110% Lab - Superbonus

110% SUPERBONUS AS A BOOST TO SUSTAINABILITY

It is estimated that the Superbonus will generate a turnover of 50 billion € with great benefits for the environment and an increase in the asset value of homes.

The goal set by the EU is to double the efficiency rate of buildings by 2025, the first "step" towards the evolution of our cities into Smart Cities and as a necessary part of the wider European Green Deal.

In order to achieve the emission and pollution reduction targets set for 2030, it is necessary to give a strong boost to:

• sustainable mobility by building charging points for electric cars and hydrogen refuelling stations
• structural "Sismabonus" measures first and foremost to save lives, but also to implement a true prevention strategy with positive effects on the state budget
• implementation of a programme to improve the efficiency and safety of the public building stock, with measures concerning in particular schools and judicial buildings
• introduction of a temporary 'Superbonus' incentive for energy requalification and anti-seismic upgrading of the private building stock and for social housing, through tax deductions for the costs incurred for the interventions
• development of efficient district heating systems
• energy efficiency of both public and private buildings.

How it works

RSM S.p.A. is one of CDP's technical advisors regarding the 110% Superbonus and other building bonuses.

The process is based on four main actors:

1. SMEs applying for the Superbonus
2. Financial intermediaries carrying out the analysis, uploading of the documentation and supporting the client.
3. RSM acting as technical advisor and performing technical, fiscal and legal due diligence, issuing - downstream of the verification process - the Reliance Letter in favour of CDP
4. CDP acquiring the tax credits generated by companies and providing 18-month revolving financing for large companies with a turnover of more than 50 million €.

A dedicated team

RSM LAB110% team  team that has economic and engineering knowledges for the management of the worksite, including technical management, supporting companies that are accredited with CDP both in uploading documentation and in the checks required by the regulations.

RSM LAB110% team provides:

• a direct RSM contact (Account Manager)
• resolving quick questions from companies on ecobonus issues through a dedicated chat room
• supporting intermediaries in uploading documents to the CDP platform
• supporting businesses through direct contacts at CDP and the Italian Revenue Agency

Our services

• assistance with CDP for the interpretation of the relevant legislation
• assistance during the upload of the documentation on the CDP platform
• fiscal and technical control of the documentation
• issuance of the Reliance Letter, the final document for the possible purchase and financing of the credit.

THE GREEN NEW DEAL: THE RSM PROPOSAL

The Italian Government, with the July 2020 “Decreto Semplificazioni” (Simplification Decree), appointed SACE as the implementer of the Italian Green New Deal through the issue of green guarantees. The projects that can be insured with the SACE Green Guarantee can be divided into the following main categories:

• clean economy
• circular economy
• sustainable and intelligent mobility

THE ROLE OF RSM

RSM intends to play an important role in assisting companies in structuring investment projects consistent with the requirements of the European Union and national legislation.

The Green New Deal represents an unrepeatable opportunity for Italian companies to design their production processes in a different, eco-compatible way, seizing this opportunity not only to modernise their production equipment but above all to create a "green" economy. The ecological and technological transition requires companies:

• to identify investment projects whose green characteristics fall within the European Taxonomy of Sustainable Activities
• to design an organisation consistent with these changes, and which is also able to report on the investments made
• to correctly quantify financial needs, through a business plan;
• to define the best options for financing initiatives.

RSM delivers a multi-disciplinary approach, in which RSM's consolidated advisory activities to companies on organisational and financial aspects merge with the technical ones, related to the analysis of the requirements of the European taxonomy.

I Green Bond

To finance the ecological transition, RSM positions and presents itself on the Green Bond market, with the aim of following and assisting companies.

In brief, Green Bonds are composed of four fundamental elements:

• Proceeds allocation
• Project evaluation and selection process
• Management of proceeds
• Reporting activities

RSM team provides expertise in the creation and development of your Green Bonds, consistent with your sustainability strategy, to support you in defining the objectives of a bond issuance strategy and supports companies in all the following activities:

Green Bond issuance

• definition of the issuer's sustainability strategy and execution of the feasibility study for the Bond issue
• development of the project selection process and criteria and identification of suitable projects
• carrying out ESG (Environmental, Social and Governance) due diligence
• developing the measurement and reporting framework to determine the environmental impact of projects
• verifying the adequacy of the governance structure and internal control systems for monitoring and allocating funds.

Roadmap

• development of a memorandum addressing the information needs of investors and other stakeholders
• roadshow to promote the bond issue
• structuring the bond for market launch
• collaboration with Rating Agencies and support in achieving "Investment Grade" rating.

Verification

• verification of project feasibility against a set of relevant standards and criteria
• continuous monitoring of revenues and associated project performance to ensure compliance with defined objectives and the developed framework
• periodic reporting of achieved performance.

Impact assessment

RSM can help you to develop a tailor-made framework to certify that your projects comply with the Green Bond standards and to enable you to assess and report on the impact of your green projects downstream of the investment.

Contacts with investors

Our RSM team provides access to a range of national and international investors interested in green investments, such as pension funds, retail investment managers and insurance companies. We can support your company to adequately present its green projects to investors.

Support in understanding the requirements of rating agencies

We can ensure that the green projects selected by the company are consistent with its financial structure.

Assurance

RSM team has significant experience in the assurance of systems, processes, control mechanisms and performance indicators. We can provide ad-hoc or recurring assurance services to assure the company and the market of the compliance of Green Bonds with international standards.