17 February 2017
Promoter – Financial Intermediary
SOCIETE NATIONALE IMMOBILIERE
Financing of the energy efficiency retrofitting of up to 25,000 social housing units held by thirteen social housing subsidiaries of Société Nationale Immobilière (SNI, CDC group). The financing will take the form of a loan to a holding in which SNI regroups its shares of the thirteen social housing subsidiaries.
This operation aims to lend EUR 200m to the SNI, the main social housing lessor on the French market, in order to finance an energy efficiency retrofitting plan for up to 25,000 social housing stocks it owns via the 13 social housing companies in which SNI is the majority shareholder.
The rehabilitation will aim to reach, when technically possible, the level required to qualify for the label "BBC Rénovation" or equivalent, or otherwise a level compatible with this objective, hence fulfilling the EU policy objectives set by the Europe 2020 strategy.
The renovation works in the existing housing units will include general housing upgrade investments for up to EUR 770m including efficiency refurbishments for EUR 330m. The investments in energy efficiency will focus on thermal energy efficiency improvements of the building envelope (e.g. wall insulation, windows, roof and cellar ceilings insulation), on energy efficiency improvements in the heating systems (e.g. condensing boilers) and may include also the increased use of renewable energies for heating purposes (e.g. biomass boilers, solar collectors). Overall, the project will improve energy consumption, comfort and living conditions for the low-income households living in the renovated apartments.
The target sector is energy efficiency in buildings and to a minor extent building-integrated renewable energy.
Proposed EIB finance (Approximate amount)
EUR 200 million
Total cost (Approximate amount)
This operation intends to bring environmental benefits by supporting schemes that reduce energy consumption, increase the use of renewable energies and thus help to mitigate climate change. The individual schemes to be financed are likely to be small and are expected to have very limited negative environmental impact. The cumulated impact of sub-projects could instead generate important environmental benefits. Given the scale, location and nature of the individual schemes in built-up urban areas, an environmental impact assessment (EIA), as defined under the EIA Directive 2011/92/EU, is not required. The Bank will assess the promoter'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 to facilitate access by the public to environmentally relevant information.
The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.
Signed - 30/09/2017