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    Reference: 20210137
    Release date: 19 April 2021

    Promoter – Financial Intermediary




    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.


    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.


    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.


    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.


    Signed - 6/05/2021


    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

    Portugal Spain Urban development