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    Reference: 20230579
    Release date: 1 February 2024

    Promoter – Financial Intermediary

    CAJASUR BANCO SAU,KUTXABANK SA

    Location

    Description

    The operation will support green projects in Spain to be carried-out by private individuals, small and medium sized enterprises as well as mid-caps.

    Additionality and Impact

    The operation supports the EU's and Bank's priority in the energy sector and the EIB's climate action objectives through the development of new buildings with the highest energy performance, and the implementation of energy efficiency projects and small-scale integrated renewable energy in residential buildings by individuals, homeowners associations (HOA) and developers. The project will support the FI's development of a new product specifically targeted to segments that are currently underserved: a top-up to existing mortgages for the renovation of residential properties by individuals.


    The Spanish National Energy Climate Plan (NECP) sets out ambitious targets in building renovations until 2030. Until now, building renovation activity in Spain has been very low, in comparison with other countries. In addition to the reduction of carbon and air pollution externalities - a social benefit which is not fully internalised by private investors


    EE projects in buildings and SMEs suffer from relatively high transaction costs due to their fragmentation and small size. The consequence is sub-optimal financing flows into EE investments. The EIB involvement in this project will help to correct this sub-optimal investment situation.


    The additional lending capacity provided through the EIB's intervention will generate positive effects on investments from the availability of longer term financing at lower financing costs in a challenging environment. 

    Objectives

    The aim is to enhance access to finance for the target beneficiaries investing in energy efficiency projects in existing and new buildings.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 300 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 - 31/01/2024

    Milestone
    Under appraisal
    Approved
    Signed
    10 January 2024
    31 January 2024

    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).

    Related tags

    Spain Urban development