Italy’s export credit agency Sace will insure a €40mn financing made available by Banca Intesa to Piaggio Aero, with the aim of covering production costs of P180 Avant aircraft which will be sold abroad. Piaggio Aero will be able to increase its annual manufacturing capacity and step up its competitiveness on international markets.


This has been the first financial credit insurance transaction finalised by Sace. It is the first time that a guarantee has been offered on enterprise financing (and not on export credit), provided that it is used for activities aimed at exports. Sace will insure a majority portion of this financing, sharing the risk with Banca Intesa.


Piaggio Aero improves its risk profile and therefore credit access terms, while the bank obtains the guarantee of receiving in any case the repayment of capital and interest – with reference to the portion insured by Sace – within the terms and modalities established by the contract.


Piaggio Aero has an order portfolio of 60 P180 Avant aircraft (six-eight passenger private jets), 80% of which are destined abroad. The P180 Avant is one of the leading products of the Piaggio Aero range, and it has become successful on international markets thanks to its highly competitive performance. The most significant supply was requested in 2004 by Avantair, a North American company that manages a jet aircraft fleet in fractional ownership – a system that has become increasingly widespread in the US. Piaggio Aero has a manufacturing capacity of 20 aircraft a year.

Thanks to this financing, it will be able to handle the requested supplies in a more efficient way.