The EBRD has provided a $30 million senior secured loan to Nuovo Velodromo LLC for a green mixed-use residential complex in Yerevan, targeting LEED Gold certification, with total project cost estimated at $92 million.
The European Bank for Reconstruction and Development (EBRD) and Inecobank CJSC have extended a senior secured loan of up to $30 million (€26 million) under their risk-sharing facility to Nuovo Velodromo LLC, a special purpose vehicle co-owned by Italian construction firm Renco Group S.P.A. and local partner Adamium group of companies, according to official disclosures.
The financing supports construction of a 47,000-square-metre mixed-use residential complex in Yerevan. Total project cost is approximately $92 million (€79 million), with remaining funding from sponsor equity and apartment pre-sales.
The development is the only mixed-use residential property in Armenia designed for LEED Gold certification, making 100% of EBRD’s financing eligible as Green Economy Transition (GET) funding. This development matters because the project aligns with EBRD’s Armenia country strategy priority of enhancing private-sector competitiveness through capacity building and corporate transparency.
The transaction marks the fourth deal under the Bank’s risk-sharing facility with Inecobank, part of the Small Business Initiative supporting local private sector development. The facility allows EBRD to share partner banks’ exposures through funded or unfunded risk participation. Industries impacted include green real estate development, construction, and sustainable finance.
Regional stakeholders include Armenian homebuyers, local contractors, and financial institutions.
For investors, the project demonstrates EBRD’s continued commitment to Armenia where it has invested nearly €3 billion across 243 projects and signals growing availability of GET financing for energy-efficient buildings in emerging European markets.
The European Bank for Reconstruction and Development is a multilateral development bank headquartered in London, focused on private sector development in Europe, Asia, and Africa.
Inecobank CJSC is a leading Armenian bank headquartered in Yerevan, specializing in corporate and retail banking services.
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