UniCredit inks off-take deal for 25 MW of Italian solar

Italian lender UniCredit SpA (BIT:UCG) today said it has signed a power purchase agreement (PPA) that will facilitate the construction of three solar parks in Italy totalling 25 MW.

Under a fixed-price deal with domestic green power producer and retailer CVA Energie Srl, Italy’s second-largest bank will procure 35 GWh of electricity per year for its data centres in Verona. The purchase is underpinned by what UniCredit says is the first corporate PPA signed by an Italian financial services group.

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CVA will cover its commitment by providing power from new photovoltaic (PV) parks in the regions of Piedmont, Lombardy and Sicily. The plants are scheduled to become operational from 2023.

UniCredit estimates that the PPA will help it meet around 20% of its total electricity consumption in Italy, while supporting its goal of becoming net-zero in its own emissions by 2030. At present, around 80% of the bank’s electricity consumption is coming from renewable energy sources, it noted.