Provision of a senior loan to UniCredit Consumer Financing IFN SA ("UCFIN") in the amount of up to RON 72.6 million (or c. EUR 15 million equivalent) under the Green Economy Finance Facility ("GEFF") focusing on financing green investments in the residential sector in Romania. The financing would be used for on-lending to eligible sub-borrowers for investments in energy and resource efficiency measures in the residential buildings.
The GEFF transaction will support investments in high-performance green technologies, materials and solutions undertaken in privately owned residential dwellings or buildings ("Sub-projects"). Sub-projects will be selected according to technical and financial eligibility criteria set forth in the Policy Statement for GEFF-Romania. 100% of the use of proceeds will be related to Green Economy Transition ("GET") investments.
ETI score: 85
The project contributes to the objectives of the GEFF Framework for Romania, supporting the Green and Competitive TI qualities.
Green: The project will contribute towards building a green economy by facilitating the expansion of residential energy efficiency (EE) lending in Romania and positive demonstration effects of EE projects. The project will support faster market penetration of EE related technologies, which go beyond prevailing standards for the country.
Competitive: The project will contribute towards building a more competitive financial sector through developing the internal capacity of Partner Financial Institutions(PFIs) for financing EE projects. This will be achieved through a technical assistance programme aimed at providing implementation support to the PFIs and their customers, verification of the outcomes, and investment incentives to the PFIs and end borrowers. Furthermore the project also intends to link private sector stakeholders with local financing institutions and suppliers, producers and installers of EE technology.
UNICREDIT CONSUMER FINANCING IFN SA
UniCredit Consumer Financing IFN SA was founded in 2008 as part of UniCredit Group in Romania, operates as a non-banking financial institution and is one of the market leaders in consumer finance in Romania.
EBRD Finance Summary
Senior loan of which EUR 11 million (in RON equivalent) financed by EBRD.
Total Project Cost
EUR 4 million (in RON equivalent) co-financing by the International Cooperation and Development Fund Taiwan.
Additionality is achieved by combining the necessary long-term financing in the form of the senior loan and knowledge, innovation, and capacity building via technical support, latest technology selector, and targeted investment incentives into a package that promotes residential green economy investments.
Environmental and Social Summary
Categorised FI. UCFIN is an existing client of the Bank whose E&S performance was satisfactory. For this new transaction UCFIN will need to comply with the EBRD's Performance Requirements 2, 4 and 9 and submit annual environmental and social reports to the Bank.
Technical Cooperation and Grant Financing
The Loan is expected to benefit from the Technical Assistance package implemented under the Framework.
Company Contact Information
PSD last updated
04 Dec 2020
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