Release date: 1 February 2024
Promoter – Financial Intermediary
CAJASUR BANCO SAU,KUTXABANK SALocation
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)
- Urban development - Construction
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
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).