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The project will finance the construction of highly energy efficient housing units in Sweden on a cooperative model.
The aim is to increase the offer of rental units in the Swedish housing market. Through energy savings, it will contribute to achieve social benefits such as the reduction of carbon emissions, air pollution, and dependency on energy imports.
The operation consists of an investment loan to finance the construction of highly energy efficient buildings located in the Stockholm Metropolitan Area. The operation supports the EU's and Bank's priority in the energy sector and the EIB's climate action objectives.
The operation meets an existing demand for highly efficient housing units in Stockholm, a market characterized by constraints in housing supply and rapidly growing real estate and rental prices. The operation contributes to reduce the market failures linked to asymmetric information and principal/agent problem: Thermal comfort in the dwellings is ensured while households energy costs/ consumption is kept to minimal levels. The risk of energy poverty, which has been accentuated with the recent increases in energy prices due to the Ukrainian conflict is therefore minimized.
The Promoter is deemed to be capable of implementing the operation considering its overall experience and the experience gained in past operations with the Bank. The operation is expected to be both financially and economically viable, with a relatively small, yet positive, ERR. By providing a long-term unsecured loan, the EIB is strengthening the capital structure of the promoter, which is also to the benefit of private sector financiers.
The project is expected 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 comply with the Energy Performance of Buildings Directive (Directive 2010/31/EU), as amended by Directive 2018/844/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 EIA Directive 2011/92/EU amended by 2014/52/EU, EU 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 environmental impact assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU. This will be further assessed during project appraisal.
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation Directive 2014/24/EU then the Bank would require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation Directive 2014/24/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the EU Court of Justice, with publication of tender notices in the EU Official Journal, as and where required.