20 June 2013
Promoter – Financial Intermediary
BANCO SANTANDER S.A.
The project aims at investments in energy efficiency rehabilitation of hotels throughout Spain, on the back of a national support plan to be launched by the Spanish Climate Change Office (OECC) of the Ministry of Agriculture, Food and Environment. This plan will encourage hotels to achieve reductions in CO2 emissions through improvements in energy efficiency. Financing of eligible projects by hotels of small and medium size and/or located in convergence areas will also be contemplated.
The project concerns mainly the financing of energy efficiency and small renewable energy investments in hotels located in Spain, involving a variety of measures (heating and cooling systems, lighting, energy management systems, solar heaters, etc.). The hotels may contract energy service companies to implement the works, with a possible energy performance guarantee. In principle, projects should be economically and financially profitable.
Proposed EIB finance (Approximate amount)
EUR 200 million
Total cost (Approximate amount)
This project intends to bring environmental benefits by supporting schemes that reduce energy consumption, increase the use of renewable energies and help mitigate climate change. The cumulative impact of the schemes could generate significant environmental benefits. The individual schemes to be financed are likely to be small and are expected to have limited environmental impacts. The Bank will assess the Financial Intermediary’s capacity and procedures to ensure compliance with national and European environmental and biodiversity regulations as well as its capacity to support the Bank's Public Disclosure Policy, which aims at facilitating access by the public to environmentally relevant information.
The promoters of the schemes are private companies not operating in the utilities sector and not having a status of a contracting authority, thus not covered by the EU directives on procurement.
Signed - 29/07/2013