RSI (Colere Ski Area 2200 ski facilities manager) secures a 6 million euro funding from the Sports Credit Institute, Banca Sella, and Finlombarda

RSI Srl, the company awarded the concession for the design, construction, maintenance, and management of the ski lifts in Colere Ski Area 2200 (in the province of Bergamo), has secured a 6 million euro loan with a 17-year maturity. This funding has been provided by a consortium consisting of the Sports Credit Institute (as the lead arranger), Finlombarda (the financial company of the Lombardy Region), and Banca Sella (see the press release here). Specifically, the Lombardy Region's contribution was 4.5 million euros.

The company's plan is to complete all the interventions by the beginning of the winter season in 2023-2024. RSI will invest the new financial resources to enhance the competitiveness and attractiveness of the skiing area for skiers during the winter season, with reduced ascent and slope times. Additionally, these improvements will benefit visitors and enthusiasts of mountaineering and hiking activities during the summer season.

'Colere Ski Area 2200' extends from 1,100 to 2,200 meters and offers approximately 20 kilometers of slopes and three ski lifts: the Carbonera-Polzone chairlift, the Polzone-Cima Bianca chairlift (the main one in the area), and the aforementioned Corna Gemelle - Ferrantino and Capanno chairlifts, along with a conveyor belt for the ski school. RSI acquired these facilities and their respective shelters for 2.5 million euros in November 2021, purchasing them at an auction from the previous owner, Sirpa, which had been under a concordat arrangement for about two years. The capital came from London and was invested by Massimiliano Belingheri, a native of Colere and the CEO of Banca Farmafactoring, a leader in Europe in credit management and specialized financial services for healthcare providers and public administrations.

In 2022, RSI reported a turnover of 668,000 euros, a negative EBITDA of 353,000 euros, and a net debt of 850,000 euros, with a net equity of 7.1 million euros (see the Leanus report after free registration).

Silvio Rossi, CEO of RSI, commented: "The financial support for the revival of the Colere Ski Area 2200 resort is in line with a strategy to support not only our company but the entire region. It's a mountainous area suited for tourism and an economy aimed at capturing an increasingly broad and demanding market in both winter and summer. We deeply appreciate the attention with which Finlombarda, the Sports Credit Institute, and Banca Sella have supported our project with financing tailored to our operational plans and a long-term vision."

Beniamino Quintieri, President of the Sports Credit Institute, stated: "Investing in sports facilities to enhance and promote the tourism development of regions is the mission of the Sports Credit Institute, the only public bank dedicated to sports and culture. The operation that led to the renewal of the Colere facilities, with ICS as the lead arranger, will significantly improve the tourism offering and enhance the entire mountain area of the Alpi Scalve. Financial support for projects of such importance reinforces the commitment of the Sports Credit Institute, which has been at the forefront for over 60 years in improving the country's sports infrastructure to deliver state-of-the-art, safe, energy-efficient, and accessible facilities to communities."

Andrea Mascetti, President of Finlombarda Spa, added: "Alpine tourism is one of the main assets for the economic development of our region, both in summer and winter. We are pleased to have participated in the consortium financing of the Colere ski resort: the competitiveness of our regions also depends on the enhancement of essential factors for successful mountain tourism."

Giorgio De Donno, Co-General Manager and Vice CEO of Banca Sella, concluded: "Participating in this initiative reaffirms Banca Sella's strong commitment and significant role in supporting the region, including the recent establishment of a new branch in Bergamo, and is part of the sustainable finance objectives pursued by the group. Supporting a project to modernize structures and facilities to enhance the competitiveness and attractiveness of the ski resort is a tangible sign of our closeness and attention to the entire Orobic province, while representing an enabling factor for its growth and economic development."

By Gian Marco Giura and Bianca Mendaja