UniCredit is the first Italian bank to sign a corporate PPA with a green power producer

Published on: 18 July 2022
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UniCredit partnered with CVA to supply renewable electricity. Three 25-MW solar plants will be operational by 2023, supplying 35 GWh per year to UniCredit data centers in Verona. UniCredit's green energy procurement strategy will be strengthened. UniCredit has cut CO2 emissions by 32% from 2017 to 2021.

UniCredit's ESG strategy includes a partnership with CVA for renewable electricity. First time in Italy, a financial institution signed a corporate PPA with a green power producer. The collaboration with CVA will result in three new solar plants in Piedmont, Lombardy, and Sicily.

The 25 MW solar plants will be operational by 2023, supplying 35 GWh per year to UniCredit data centers in Verona, covering 20% of the bank's total electricity consumption in Italy. CVA will sell UniCredit green energy at a set price, optimizing its risk profile.

Salvatore Greco, Head of Group Real Estate of UniCredit commented:

"ESG considerations are part of all our real estate activities as we continue to reduce our CO2 own emissions and progressively increase electricity consumption from renewable sources. The PPA project represents a tangible step within our NetZero commitment, strengthening UniCredit's global Green Energy Procurement strategy through new solar plants that guarantee full additionality to the national electricity grid in Italy, while substantially increasing the share of energy from renewable sources".

The partnership with CVA will strengthen UniCredit's green energy procurement strategy across its markets. It will also help decarbonize Italy's energy system by increasing renewable energy capacity and self-sufficiency while reducing imports. UniCredit's decision to enter a dedicated green PPA is in line with Italian and European legislation (Clean Energy Package), which sees PPA as a fundamental way to develop new renewable energy installations and achieve the European Green Deal's objectives.

Enrico De Girolamo, General Director of CVA Spa and Chief Executive Officer of CVA Energie S.r.l. has commented:

"The partnership with Unicredit is perfectly aligned with the CVA Group sustainability strategy and its   roadmap for contributing to decarbonisation goals and environment protection. CVA Group aims to actively participate in building a sustainable future".

UniCredit has already reduced its direct CO2 emissions by 32% between 2017-2021 and committed to reaching Net-Zero on own emissions by 2030. 80% of its electricity comes from renewable sources.

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