IMG 10

Green financing for major initiatives in Bulgaria

esg

Green financing is a major focus of public attention and investing in green alternatives is an essential part of our strategy. Through such financial incentives, we can help our clients reduce the environmental footprint of their activities – improving lifestyles and businesses alike by building greener investments.

In Bulgaria, we provided green financing for three major businesses in 2023 through Bulbank. One such business, ELECTRICITY, offers a comprehensive range of activities related to the design, construction, installation and repair of outdoor and indoor electrical installations, as well as all types of building systems and building automation – with a focus on green solutions. It is also involved in the construction of the world’s second large hadron collider – the FALR Darmstadt facility.

Our projects are very complex (with different scales, different areas of activity, different execution times and different requirements of a wide range of clients), this diversity needs very flexible and adapted banking solutions, which we get from our partnership with UniCredit Bulbank. With UniCredit Bulbank, we share common business values and our partnership is long-term and strategically planned. In a period of unstable global economy, difficult supply chains and unpredictable environment, only a good and stable financial partner can truly help businesses."

Eng. Daskalov

owner and manager of Electricity

Another, Trakia MT Solar, is building and operating a photovoltaic power plant in Malko Tarnovo – representing not only an investment in renewable energy but a step towards achieving national and international environmental goals. The site will consist of a total of 79,704 photovoltaic modules with a capacity of 560 Wp.

We believe in the power of green business models and are proud to be a financial partner of Trakia MT Solar Ltd. Our cooperation is a union of energy innovation and high financial expertise. Our shared commitment and dedication to the future of the country's energy sector is a key step towards a more sustainable and green Bulgaria."

Krum Alexiev

Director Corporate Clients at UniCredit Bulbank

And Bulbank also supported the sale of Bulgaria’s second-largest wind farm, Vetrocom – bringing together UniCredit colleagues in Bulgaria, Austria and Italy to advise former owner Alpiq, a leading Swiss energy group, on the transfer to Austrian company Renalfa IPP. The wind farm has a capacity of 72.5 MW and generates an average of 135 GWh each year.

UniCredit successfully advised Alpiq on this landmark transaction in Bulgaria. Alpiq was focused on the production of clean wind energy in Bulgaria with significant environmental impact. The ESG business is extremely important to us and we are committed to reach the Net Zero goal on financed emissions by 2050. We recently published our targets on the first carbon intensive sectors, as Oil & Gas, Power Generation and Automotive and one of the important pillars of this strategy is support to clients in the development and scaling up of innovative climate solutions.”

Borislav Bangeev

Head of Corporate Banking and Member of the Management Board of UniCredit Bulbank

The significant volatility on the energy markets combined with changes in the local energy legislation represented the main challenges to our team on this transaction. Ultimately, the open communication and expert advices contributed to the investors’ comfort.”

Georgi Tsonev

Head of Corporate Finance Advisory of UniCredit Bulbank

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