Hamburg Commercial Bank sells € 700 million renewable energy portfolio to UniCredit
HAMBURG – On 16 December 2020, Hamburg Commercial Bank (HCOB) and UniCredit Bank AG (UniCredit) signed an agreement on the sale of a loan portfolio of circa EUR 700 million. With this transaction, HCOB successfully continues its multi-year transformation to a smaller, operationally efficient commercial bank with reduced total assets and risk weighted assets.
The portfolio consists entirely of performing loans for renewable energy projects in Germany, Finland, France and Ireland and was sold following an open and competitive process. Subject to conditions precedent, the closing is expected in the first quarter of 2021. For Hamburg Commercial Bank, Morgan Stanley & Co. International plc has been acting as financial advisor, Deloitte LLP as transaction advisor and Freshfields Bruckhaus Deringer as external legal counsel.
“Hamburg Commercial Bank has been active in project finance for infrastructure projects and sustainable energy production for decades, so we are well connected with investors, project developers and banking partners,” said Dr. Nicolas Blanchard, Chief Clients and Products Officer of Hamburg Commercial Bank. “Project financing of wind, solar and hydropower plants remains a core business segment for HCOB that fits perfectly into our ESG strategy. For us, sustainability also means future viability, so we will continue to reliably support our customers with know-how and expertise in their renewable energy projects.”