BBVA SUPPORT TO HOME OWNERS ASSOCIATIONS

The project consists of a Delinked Risk Sharing operation whereby BBVA will use the proceeds to finance new Climate Action and Environmental Sustainability eligible investments in Spain, in line with the EIB's Action Plan for Affordable and Sustainable Housing.

The aim of the project is to support Spanish homeowners' associations, small and medium-sized enterprises (SMEs), MidCaps, and private individuals by financing energy-efficient building refurbishments and the construction of nearly zero-energy buildings (NZEBs+). The new portfolio will primarily focus on integral refurbishments undertaken by homeowners' associations, as well as green mortgages for private individuals and NZEBs+ construction by SMEs and MidCaps.

The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.

In accordance with the EIB's policy to ensure that sub-loans comply with the EU acquis, in particular in the fields of environment and public procurement, BBVA has to to take all the requisite measures to ensure that the environment and procurement procedures carried out by the final beneficiaries, will comply with the relevant EU legislation and the applicable national legislation, provided that these are in line with EU rules.