Itaú and Enel enter into a partnership to supply renewable energy in more than 2,1 bank branches across the country

The agreement between Itaú and Enel estimates that at least 50 million euros will be invested.

It was announced this week that the Itaú Unibanco and Enel Brasil signed an agreement to supply renewable energy to more than 2,1 Itaú branches in Brazil. Most Itaú branches will be supplied with a source of solar energy generated by distributed generation micro solar plants, developed by Enel X. Itaú also closed long-term contracts for the supply of almost 1 terawatt hour (TWh) to at least 564 agencies. In addition to the news of the closing of the agreement, no further details about negotiation or the value of the contracts were disclosed.

Itaú and Enel close partnership to supply renewable energy to bank branches

Itaú had already taken the first step in a segment of distributed generation, in which the intention was to supply around 200 branches of the bank, in the state of Minas Gerais. However, Itaú now aims to expand this segment more significantly to encourage the use of renewable energy.

According to the Director of Branches at Itaú Unibanco, Francisco Vieira, the branches had a much lower volume of consumption of renewable energy, close to just 10%, however, with the new partnership with Enel, Itaú reached a new level, where 80% of branch consumption comes from renewable sources, being a true milestone for Itaú's ESG agenda.

Sustainability and economy

In addition to the fact that the agreement fulfills the commitment to sustainability, Itaú stated that there is also a great economic benefit for the agencies, but also did not reveal the energy savings estimates.

Itaú Unibanco's Equity and Purchasing director, Claudio Arromatte, reported that the initiatives that were announced will also ensure greater predictability in energy costs, by avoiding tariff fluctuations. Energy will be supplied to branches with a load of less than 500 MW and served at low voltage, having characteristics that do not allow joining the free market.

As for branches with an energy load of more than 500 MW, energy will be purchased on the free market, procedures that will be handled by the trader Enel Trading. In this specific case, the contracts will have a term of up to 8 years, which may be renewed.

Investment in new Enel plants

Not only Itaú will benefit from the closing of the partnership. For Enel, the contract with Itaú Unibanco also guarantees reaching a new level, as the agreement initially provides for the installation of at least 46 photovoltaic plants of distributed generation, with a capacity of 54,7 megawatts-peak (MWp), which will supply around 80% of the consumption of at least 1.557 Itaú branches, in 14 regions of Brazil.

The contract can already be considered the largest in distributed solar energy generation closed by Enel X worldwide. The model of the agreement is “Energy-as-a-Service” (EaaS), with a term of 10 years, which can be extended. Thus, the entire investment will be under the responsibility of the electricity company. Analyzing current market values, it is estimated that new developments will receive at least 50 million euros.

The new Enel X plants will be installed in the following states: Rio de Janeiro, Paraná, São Paulo, Goiás, Minas Gerais, Bahia, Pernambuco, Ceará, Pará, Santa Catarina, Rio Grande do Sul, Espírito Santo, Mato Grosso and the Federal District . The start-up forecast is approximately 12 months.

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