The EBRD is deepening its support for sustainable energy investments in the Slovak Republic with a €20 million facility for UniCredit Bank Czech Republic and Slovakia a.s.
UniCredit Bank is the fourth partner bank to join SlovSEFF. The banks will on-lend SlovSEFF funds to private companies and housing associations for renewable energy and energy efficiency investments.
The loan to UniCredit is extended under the third phase of SlovSEFF, which was first launched in 2007 with €60 million to encourage Slovak enterprises and housing associations to make better use of available energy resources. Following high demand for the funds, the EBRD extended the facility with an additional €90 million in 2010, €40 million in 2014, and with up to €60 million in 2016.
SlovSEFF III is complemented by funding provided by the Slovak Republic, Spain and the EBRD’s Shareholder Special Fund for technical assistance and incentive payments. Funds for incentive payments are sourced from the proceeds of a carbon credit transaction between the two countries and are granted based on a project’s emission reduction potential, thereby prioritising high-yielding greenhouse gas emission reduction projects.
To date, SlovSEFF has supported over 700 sustainable energy investments worth over €200 million, which are expected to reduce CO2 emissions by 125,000 tonnes per year.
Since the beginning of its operations in the Slovak Republic, the EBRD has invested over €2.2 billion in some 130 projects in the country.