WIND OF CHANGE
Friday 18 December 2020
UniCredit purchases €700m renewable energy portfolio, underlining the bank's commitment to provide financing for renewables
UniCredit Bank AG has announced the signing of a key agreement with Hamburg Commercial Bank AG for the purchase of a loan portfolio with an estimated value worth up to €700 million. Renewable energy projects in Western Europe will be developed thanks to this operation.
Richard Burton, CEO of Corporate & Investment Banking at UniCredit, said: “Sustainability is part of our Group’s DNA and a key component of our business model – this transaction, one of the largest loan portfolio trades in Europe this year, highlights our enduring commitment to the financing of renewable investments in the region.”
The agreement also illustrates UniCredit’s strong commitment to partnering with clients in the shift to a low carbon economy. Last year the bank pledged to increase its exposure to the renewable energy sector by 25% by 2023 (to >€9bn) and signed a voluntary promise to structure its lending and investment portfolio in line with the Paris Agreement on Climate Change targets.