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Enel X has signed an agreement with UniCredit to finance seismic safety measures and energy upgrading of a number of residential buildings in Italy.

 UniCredit will provide subsidised funding for the energy efficiency retrofits to customers of Enel participating in the ViviMeglio initiative.

Enel X and UniCredit will provide loans which are payable over ten years for the installation of acoustic and thermal insulation in some 550,000 apartment buildings (410,000 will be in the Centre-North and 140,000 in the South, of which 155,000 were built before 2006).

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Apartment buildings will have access to the Ecobonus and Sismabonus incentive mechanisms to recover up to 85% of the costs incurred for energy upgrading and seismic safety measures, assigning all tax credits to Enel X.

Consumers participating in the programme will enjoy rapid loan processing times, making use of specific products and procedures for the energy efficiency sector. Furthermore, with the transfer of the tax deductions to Enel X and the bank loan for the remainder, the condominiums will not have to make any cash outlay for the works, having only to pay the loan instalments.

Giulio Carone, head of administration, finance and control at Enel X, said: “The ViviMeglio offer is an innovative Enel X solution that meets the needs of condominiums with a technically and financially integrated approach.

“Several apartment complexes have taken up our offer and we are confident that with this agreement we will be able to expand the pool of potential customers interested in the energy upgrading and seismic safety of their homes.”

“This agreement represents an important opportunity to upgrade our real estate assets, given the high average age of Italian apartment buildings,” said Remo Taricani, co-CEO of commercial banking Italy of UniCredit. “The agreement between UniCredit and Enel X is intended to strengthen the opportunities offered by the tax credits already provided for in legislation, and guarantees maximum savings for the condominiums as well as quick turnaround times for approving loans, while also increasing the value of the buildings and improving their comfort and safety.”