Summary sheet
The project will finance the promoter's energy efficiency renovation programme for an estimated 25 residential buildings, consisting of approximately 2,700 affordable housing units for middle-income households, all owned by the promoter in the Île-de-France region.
The aim is to improve the households' energy efficiency performance, thereby reducing energy consumption and CO2 emissions.
The proposed operation aims to finance energy efficiency ("EE") in France in residential buildings. The Project will support the EU's and Bank's priority in the energy sector, the EIB's climate action objectives and the European Green Deal and particularly the Renovation Wave. The operation is also in line with the strategic targets of RePowerEU Plan.
EE investments in buildings suffer from a chronic lack of investments. Through energy savings, energy efficiency projects reduce carbon emissions and air pollution, increase comfort and air quality in the buildings, social and public benefits that are not fully internalised by private investors.
In addition, given the labour-intensive nature of the building sector, largely dominated by local businesses, renovation of buildings also plays a crucial role in job creation and economic development.
The operation helps also to tackle the housing crisis, as the Promoter is providing affordable housing with rent about 15% to 20% below the market prices. The Promoter is very experienced in developing residential projects.
The EIB support to this operation is expected to accelerate the implementation of the underlying EE schemes, by lowering the associated cost of funding and offering a maturity beyond the tenor usually offered by commercial banks.
The project is related to energy efficiency and can also include some building integrated renewable energy sources. It will be implemented in existing residential buildings without changing the already authorised scope and would therefore not require an environmental impact assessment (EIA) under the EIA Directive 2011/92/EU (as amended by Directive 2014/52/EU). The project will renovate residential buildings in line with the requirements of the Energy Performance of Buildings Directive and, upon completion, will reduce energy consumption and pollutant emissions. If applicable, works related to asbestos removal must be performed in accordance with the existing regulations for asbestos removal and disposal. The project will contribute to energy efficiency and thus reduce CO2 emissions.
The promoter shall ensure that contracts for implementation of the project have been and will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required. For the few projects already started, the promoter has awarded most of the contracts to local French small and medium-sized enterprises (SMEs) and mid-caps, with the exceptions being large French companies.