The European Investment Bank (EIB) and Centrobanca (UBI Banca Group) signed a framework loan for financing energy efficiency and renewable energy projects in Italy.
Under the agreement, the bank makes available to Centrobanca EUR 200m in order to finance:
– small (costing up to EUR 25m) and medium-scale projects (up to EUR 50m);
– bigger schemes (costing more than EUR 50m).
Energy efficiency projects, hydroelectric, wind, photovoltaic and biomass plants will be eligible for financing.
The bank will cover up to 50% of investment costs, with Centrobanca providing the rest. When a new plant in an energy efficiency scheme generates an energy saving of more than 20%, the EIB will finance up to 75% of the project cost.
Centrobanca will be responsible for identifying and assessing the projects, which will then be submitted to the EIB for final approval.
The term of the sub-loans granted will be:
– up to 20 years for photovoltaic power generation projects
– up to 15 years for all other schemes.