An innovative solution to monetize tax credits owned by companies engaged in upgrading Italian real estates
UniCredit is adding further impetus to Italy's sustainable transition, especially on energy efficiency and building safety, by complementing its product offering with an innovative solution for the benefit of companies engaged in upgrading Italian real estates and aimed at monetizing the resulting tax credits. The scheme adds to several existing initiatives of the bank in this area.
UniCredit has in fact executed the first securitisation of tax credits arising from the so-called "Eco-Sisma-SuperEcosisma Bonus".
One of Italy's COVID-recovery laws (the "Decreto Rilancio") allows to transfer tax credits accrued in the context of energy-efficiency and/or seismic risk reduction works to other entities, such as banks and other financial intermediaries.
Thanks to a financial structure made possible by recent legislative changes, UniCredit's corporate clients can enter into a transfer agreement with a securitisation vehicle and then use an innovative platform to finance their assets, by assigning tax credits deriving from their value chain at pre-agreed price.
The first securitisation transaction, with a program of Euro 500 million to date, was carried out via the assignment of tax receivables arising from UniCredit clients to EBS Finance S.r.l., a special purpose vehicle incorporated under Law 130/99 (Italian Securitisation Law).
The assignors come from various categories, including companies who manufacture products for energy efficiency, such as high-efficiency boilers, heat pumps, photovoltaic systems and thermal coats.
In addition to the peculiarity of the underlying asset, the transaction also avails of the new amendments recently introduced by Law 130/99, which allow investors to participate in the transaction by granting loans to the SPV, with no issuance of asset-backed securities.
With respect to this transaction, EBS Finance S.r.l. will raise the funds needed to pay for the tax credits through loans advanced by UniCredit.
UniCredit Bank AG acted as Arranger in the transaction, Hogan Lovells as Transaction Counsel, and Centotrenta Servicing as Servicer.
The securitisation scheme adds to UniCredit's various existing initiatives to support individuals and businesses working to improve the energy and structural efficiency of the Italian real estates, in line with the Group's commitment to the transition to a sustainable economy.
Milan, 29 June 2021
Contacts:
Media Relations UniCredit
e-mail: mediarelations@unicredit.eu