LARGE-SCALE ENERGY EFFICIENT HOUSING GERMANY

The project concerns investments in the energy efficient refurbishment of existing residential buildings and the construction of new housing units going beyond German "nearly zero-energy buildings" (NZEB) minimum standards.

The project is part of the general housing modernisation programme of the promoter in view of achieving good-quality housing for the tenants. The operation will also contribute to the implementation of the promoter's climate strategy.

The proposed operation aims to finance energy efficiency ("EE") projects in Germany in existing and new private residential buildings, supporting EU's and Bank's priority in the energy sector and the EIB's climate action objectives.

Through energy-resource savings, it will contribute to achieving social and public benefits, including the reduction of carbon emissions and air pollution, as well as the increase of comfort and air quality in the dwellings.

Therefore, the project will be fully aligned with EU's priorities and goals established in the European Green Deal and particularly in the Renovation Wave.

The operation is expected to yield very good economic and social benefits.

The Promoter is deemed fully capable of implementing the project considering its overall experience, including a previous EIB operation.

The EIB additionality to this operation is expected to provide a tangible value added, contributing to accelerate the implementation of the underlying EE schemes, by providing an unsecured term loan, which is not currently available for financing energy efficient programme at such a large scale. It will be complemented by national promotional funding instruments and is expected to crowd-in commercial financing.

The aim is to generate positive environmental benefits related to a reduction of energy consumption and greenhouse gas (GHG) emissions. It will also lead to a decrease on energy expenses of the unit users. At construction stage, the project implementation may lead to increased noise and vibration level and may affect quality air. Adequate mitigation measures will be implemented together with the enforcement of best practices. The project impacts at construction stage will be reversible and temporary at a level that are deemed acceptable. The project will be in compliance with the EU Directive (2018/844/EU) amending the 2010 Energy Performance of Buildings Directive (Directive 2010/31/EU) and Directive 2018/2002/EU amending Directive 2012/27/EU on energy efficiency. The promoter's environmental management capacity to properly apply the relevant EU Directives will be verified during appraisal, particularly with regard to EU Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by 2014/52/EU, Strategic Environmental Assessment (SEA) Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. Some of the projects, namely construction of new buildings, may fall under Annex I or Annex II of the Directive 2014/52/EU amending the EIA Directive 2011/92/EU. This will be assessed during project appraisal.

The promoter has been assessed by the EIB as being a private company not being subject to EU public procurement or concessions legislation. However, if upon project appraisal, the EIB would conclude that the promoter is subject to the EU public procurement legislation then the European Commission will be informed accordingly and the promoter will have to apply those rules.