Pan European Commercial Bank UniCredit announced today an agreement to purchase a loan portfolio from Hamburg Commercial Bank AG, consisting of performing loans for renewable energy projects in Western Europe with a notional value worth up to €700 million.

UniCredit stated that the agreement exemplifies the bank’s commitment to partnering with clients in the shift to a low carbon economy. UniCredit pledged last year to increase its exposure to the renewable energy sector by 25% by 2023, and signed a voluntary commitment to structure its lending and investment portfolio in line with the targets of the Paris Agreement on Climate Change.

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.”