- CVA will build three new solar plants based in Piedmont, Lombardy and Sicily
- This PPA supports the decarbonisation of Italy's energy system by increasing the country's renewable energy capacity and self-sufficiency
UniCredit, within its ESG strategy, has signed a partnership with CVA for the supply of electricity produced from renewable sources. For the first time in Italy, a financial institution has committed to a corporate PPA (Power Purchase Agreement) with a specialist green power producer. The collaboration with CVA, the historic green power company based in Aosta Valley, will result in the construction of three new solar plants in Piedmont, Lombardy and Sicily.
The new solar plants for a total capacity of 25 MW will be operational from 2023, providing 35 GWh per year to supply the energy demand of UniCredit data centers in Verona, covering around 20% of the bank's total electricity consumption in Italy. CVA will sell green energy to UniCredit at a set price, optimising the risk profile of the investment in its assets.
Salvatore Greco, Head of Group Real Estate of UniCredit commented: "ESG considerations are part of all our real estate activities as we continue to reduce our CO2 own emissions and progressively increase electricity consumption from renewable sources. The PPA project represents a tangible step within our NetZero commitment, strengthening UniCredit's global Green Energy Procurement strategy through new solar plants that guarantee full additionality to the national electricity grid in Italy, while substantially increasing the share of energy from renewable sources".
The partnership with CVA will strengthen UniCredit's Group-wide Green Energy Procurement strategy, serving as a best practice example across its markets. It will also support the de-carbonisation of Italy's energy system by increasing the country's renewable energy capacity and self-sufficiency while decreasing dependence on imported energy. In addition, UniCredit's choice to enter into a dedicated green PPA is fully in line with Italian and European legislation (Clean Energy Package), which sees PPA as a fundamental way to develop new renewable energy installations and achieve the objectives of the European Green Deal.
Enrico De Girolamo, General Director of CVA Spa and Chief Executive Officer of CVA Energie S.r.l. has commented: "The partnership with Unicredit is perfectly aligned with the CVA Group sustainability strategy and its roadmap for contributing to decarbonisation goals and environment protection. CVA Group aims to actively participate in building a sustainable future".
UniCredit has already reduced its direct CO2 emissions by 32% between 2017-2021 and made a commitment to reach Net-Zero on own emissions by 2030 with 80% of the electricity used across its premises already coming from renewable sources.
Milan, 18 July 2022
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