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    Reference: 20180337
    Release date: 11 December 2018

    Promoter – Financial Intermediary




    The project involves the construction of new social housing units for rent; the energy efficiency and accessibility refurbishments of existing social housing units, falling under the Smart Finance for Smart Buildings (SFSB) initiative; and improvements to the urban environment in municipalities in the Madrid region.


    The project concerns the construction of new social housing units and the energy rehabilitation of existing housing stock in the region of Madrid, where demand for social housing is unmet. The project will contribute to the climate action priorities of the Union and the energy efficiency target of Spain.


    Proposed EIB finance (Approximate amount)

    EUR 49 million

    Total cost (Approximate amount)

    EUR 99 million

    Environmental aspects

    Given the relative scale, location and nature of the works in built-up urban areas, all of the works are deemed to have no significant negative environmental or social impact. Exceptionally, a work may fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended). In these cases the Bank will require the promoter to act according to the provisions of the aforementioned Directive as transposed into national law leaving it to the competent authority to decide in line with the Directive whether an EIA procedure is needed or not. The Bank will review relevant permits, public consultations and authorisation processes during appraisal, including mitigation / compensation measures to be taken and any potential effects on nature conservation sites (Habitats Directive 92/43/EEC and Birds Directive 79/409/EEC). Currently there is no Nearly zero-energy buildings (NZEB) requirement definition in Spain so the proposed operation must accomplish the reference values published in the Commission recommendation (EU) 2016/1318: net primary energy consumption should be lower or equal to 40 kWh/m2/y. After completion of works, new buildings and refurbished buildings will contribute to reduce the energy consumption and pollutant emissions compared to the business-as-usual scenario (in compliance with the current regulation).


    The Bank will 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 2014/23/EU / 2014/24/EU, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 1/03/2019


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Spain Urban development