ICO will invest 47 million euros in green funds guaranteed by the InvestEU programme to promote sustainable infrastructure

06 octubre 2025

The investments will be made through the Kobus Energy Transition I, FCR and Azora European Climate Solutions Fund, FCR, with the aim of also mobilising resources from private investors.
The funds will promote projects in energy, sustainable mobility, industrialised housing and environmental efficiency.
With these new operations, the amount invested by ICO in InvestEU-guaranteed green funds to promote sustainable projects amounts to 250 million euros.

Instituto de Crédito Oficial (ICO) has expanded its participation in the European InvestEU programme with a new allocation of guarantees that will allow it to mobilise up to 47 million euros in sustainable investments through two new funds: Kobus Energy Transition I, FCR and Azora European Climate Solutions Fund, FCR. .

With the selection of these two new green funds, ICO reinforces its commitment to the green and digital transition, investing in innovative financial instruments that drive sustainable economic development. Thanks to the InvestEU guarantee, which covers 50% of the ICO investment in each fund, there is greater risk-sharing provided, enhancing the draw of private capital.

This mechanism helps expand the impact of the investments, mobilising additional resources towards strategic projects with high added value in sustainability, energy efficiency and industrial transformation.

Kobus Energy Transition I, FCR, managed by Kobus Partners Management SGEIC, S.A., is a fund focused on renewable energy, sustainable mobility, natural resource management and social infrastructure. The fund has a target size of 70 million euros, up to 24.5 million of which will be provided by ICO. Its investment strategy covers key sectors such as:

Renewable energies (solar, batteries, hydrogen)
Sustainable transport (electric vehicles, digitalisation)
Natural resources (recycling, agrovoltaics, CO₂)
Social infrastructures (energy efficiency, self-consumption)

Azora European Climate Solutions Fund, FCR, managed by Azora Gestión SGIIC, S.A.U., focuses on energy efficiency, industrialised construction, clean energy and the circular economy. With a target size of 200 million euro, ICO will be investing up to 22.5 million. This fund focuses on:

Renewable energies (solar, geothermal)
Waste and water management
Protection of biodiversity and air quality
Industrialisation of sustainable housing
Energy renovation of buildings

Azora estimates that at least 25% of the fund's commitments will be allocated to projects aligned with the Spanish Government's PERTE industrialised housing programme, promoting technological and sustainable solutions in the construction sector.

InvestEU Programme and the role of ICO

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 are driving the green and digital transition, innovation, social inclusion and sustainable growth.

ICO, as a European Commission Implementing Partner, is channelling resources from two verticals of this programme: Sustainable infrastructure and social housing.

Within the sustainable infrastructure window, which includes the two new operations approved today, ICO launched ICO - InvestEU Green Funds (ICO SIW Intermediated Equity) programme in 2023, with the aim of mobilising up to 250 million euros in green projects. Public investment is complemented by private capital, which can reach more than 500 million euros in total investment.

ICO channels resources through specialised venture capital funds, with the aim of promoting strategic projects in key sectors such as energy, sustainable mobility, the environment, digitalisation and social infrastructures. This action is part of the European Green Deal and contributes directly to the dual ecological and digital transition promoted by the European Union.

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