MILAN (Reuters) - Italy's biggest utility Enel on Tuesday inked a memorandum of understanding with Bank of China potentially making available up to 1 billion euros (795.17 million pounds) of financing to the utility over the next five years.
Enel Chief Executive Francesco Starace signed the deal in Rome with Bank of China chairman Tian Guoli in the presence of Chinese Premier Li Keqiang and Italian Prime Minister Matteo Renzi, according to a statement.
"We will be given access to the bank's financial expertise while returning to our new partner the strength of Enela as an international integrated player in the utility sector," Starace said.
The financial options available to Enel include loans, credit support as well as project and trade finance for activities both inside and outside of China, the statement said.
(1 US dollar = 0.7911 euro)
(Reporting by Oleg Vukmanovic)