ICO to invest up to €22.5 million in the Azora European Climate Solutions Fund, F.C.R. to promote green projects
08 May 2026
- The investment is backed by the European Union’s InvestEU programme guarantee
- The Fund will also mobilise resources from private investors to support investments aligned with the green transition, the decarbonisation of the economy and industrialised, sustainable construction
- With this new transaction, ICO’s total investment in green funds backed by InvestEU to support sustainable projects reaches €221.5 million
The Instituto de Crédito Oficial (ICO) has approved its participation in the Azora European Climate Solutions Fund, F.C.R., with an investment commitment of up to €22.5 million, within the framework of the European Union’s InvestEU programme. The Fund is aimed at supporting projects that contribute to the green transition, decarbonisation and the development of sustainable infrastructure.
The transaction is channelled through the ICO Green Funds InvestEU call for proposals and benefits from a European Commission guarantee covering 50% of ICO’s investment in the fund. Under these calls, funds/vehicles undertake to raise capital from private investors at least matching ICO’s contribution and under the same terms and conditions.
The Azora European Climate Solutions Fund, managed by Azora Gestión, focuses on investments related to renewable energy, energy efficiency, sustainable mobility, natural resources and social infrastructure, with particular emphasis on the industrialisation of construction and the modernisation of urban ecosystems.
The Fund’s investment strategy prioritises small and medium-sized European companies with established business models and strong growth potential, thereby contributing to economic development.
InvestEU Programme and ICO’s commitment to sustainable finance
InvestEU is a European Union initiative designed to mobilise public and private investment in strategic sectors that contribute to Europe’s economic, social and environmental development. Its main objective is to facilitate access to financing for projects that drive the green and digital transition, innovation, social inclusion and sustainable growth.
ICO, as an Implementing Partner of the European Commission, is channelling resources from two policy windows of this programme: sustainable infrastructure and social housing.
Under the ICO Green Funds – InvestEU Programme, ICO has already formalised its participation for a total amount of €199 million in the following four funds: Marguerite III, a European sustainable infrastructure fund focused on energy transition, digitalisation, transport and waste and water management; SC Climate Impact Fund III, a fund specialised in energy transition and the circular economy; Beka & Bolschare Iberian Agribusiness Fund, a fund investing in sustainable agricultural infrastructure and assets in Spain and Portugal; and Rural de Inversiones en Infraestructura (Arcano Capital), a fund focused on energy transition and sustainable transport projects, mainly in Spain.
With this new investment, ICO reinforces its role as a key instrument of the Government’s economic policy to channel financing towards projects with positive environmental and social impact, mobilising private capital and promoting innovative financial instruments that support sustainable economic development.