Transaction highlights enduring commitment to financing of renewable investments.
UniCredit Bank AG has today announced the signing of a definitive agreement with Hamburg Commercial Bank AG for the purchase of a loan portfolio with a notional value worth up to EUR 700 million.
The portfolio contains performing loans for renewable energy projects in Western Europe and was acquired following both an open and competitive process and standard due diligence.
Financial closing is expected in the first quarter of next year, subject to the usual conditions precedent.
Commenting on the agreement, 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 exemplifies UniCredit's strong commitment to partnering with clients in the shift to a low carbon economy, with the bank pledging last year to increase its exposure to the renewable energy sector by 25% by 2023 (to >€9bn), as well as signing a voluntary commitment to structure its lending and investment portfolio in line with the targets of the Paris Agreement on Climate Change.
Clifford Chance acted as the bank's external legal counsel throughout the transaction.
The overall impact on UniCredit's equity capital position is expected to be neutral.
Milan, 17 December, 2020
UniCredit Media Relations