Signature(s)
Summary sheet
- Urban development - Construction
The operation consists of a Multi-Beneficiary Investment Loan (MBIL) to finance investments that comply with EIB's climate action eligibility criteria.
The aim is to finance the new construction of residential buildings, green mortgages, and energy-efficient building refurbishments, carried out in Spain and Portugal by individuals and homeowners' associations.
The operation supports the EU's and the Bank's priorities in the energy sector, and the EIB's climate action objectives through the implementation of energy efficiency projects and small-scale integrated renewable energy in residential buildings by individuals and Homeowner's Associations.
The project will help the FI to develop new products specifically targeted to currently underserved client segments : green mortgages, top-ups to existing mortgages for the renovation of residential properties by individuals, and loans to Homeowner's Associations for the renovation of multi-apartments buildings.
The Spanish National Energy Climate Plan (NECP) sets out ambitious energy efficiency targets for building renovations and industrial building until 2030. Until now, building renovation activity in Spain has been very low, in comparison with other countries, due to the relatively high transaction costs and the very small size of each intervention. Moreover, some of the projects are expected to be located in less developed and transition regions (approximately 50%). Therefore, the EIB support to this project will help to address this sub-optimal investment situation.
The operation will create new headroom to provide more lending targeting sustainable housing.
The operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.