Release date: 19 April 2021
Promoter – Financial Intermediary
UNION DE CREDITOS INMOBILIARIOS SA ESTABLECIMIENTO FINANCIERO DE CREDITOLocation
Description
Multi-beneficiary intermediated loan (MBIL) to UCI for the financing of building renovation undertaken by individuals and homeowner associations in Spain and Portugal.
Additionality and Impact
The project seeks to improve the building renovation rate by
alleviating access to finance constraints faced by homeowner associations and
individuals undertaking energy efficiency investments in existing residential
buildings. The project will primarily finance deep renovations implemented by homeowners
associations in Spain and to a lesser extent in Portugal. The project will
bring positive externalities through reduced carbon emission, greater energy
efficiency and improved energy security. The project is fully aligned with the
EU Renovation Wave Strategy, and Spain and Portugal's 2021-2030 National Energy
Climate Plans and Long Term Renovation Strategies. The project supports the
climate action objectives of the Bank.
The financial intermediary is specialized in real estate investments
and is one of
the most active players in green financing in the Spanish market. It has demonstrated good capacities in the monitoring and reporting of
EIB loans. By supporting a labour intensive activity as building rehabilitation,
the project will stimulate job creation and foster economic growth after the
Covid-19 crisis.
Through
the acquisition of a highly-rated tranche in the securitisation, the EIB
will lower the cost of funding and help mobilise other financers, increasing
the appetite to the financing of building renovations implemented by homeowner associations.
Following technical discussions with the financial intermediary, the project
has aligned its scope to the draft EU Taxonomy and the Energy Efficient
Mortgage Initiative framework.
Objectives
The debt financing made available to private owners domiciled in Spain or Portugal will be used, among others, to finance the energy efficiency renovation of existing residential properties and the construction of new nearly zero-energy buildings (NZEB), as well as small/medium-scale energy efficiency projects carried out in existing residential properties.
Sector(s)
- Urban development - Construction
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
not applicable
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 6/05/2021
Disclaimer
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).