STOCKHOLM ENERGY EFFICIENT HOUSING

The project concerns the financing of the City of Stockholm housing programme. The investment loan will include the new construction of around 1,500 municipal housing units for rent to be built by the three housing companies owned by the municipality. The construction of new housing units are expected to be complementary to the local regeneration and renovation activities in the built urban environment and to be integrated into urban development plans.

The aim of the operation is to address strong demand for housing in the Stockholm agglomeration, where the waiting period reaches ten years. Increasing cost of land and house purchase and residential rental prices in the region, together with continuous immigration is putting pressure on the availability of housing.

The Project falls within EIB's support objective for the housing sector under its Integrated Urban Development eligibility. The investments form part of integrated urban development plans, which will ensure compliance with EIB requirements and promote the implementation of appropriate solutions for a complex demographic, social and economic situation in the most rapidly developing region of Sweden.

The operation supports the EU's and Bank's priority in the energy efficiency sector and the EIB's climate action objectives, through the implementation of energy efficiency projects in residential housing. The financing of this project is in line with the Bank's lending priority objectives on Energy Efficiency and the transversal objectives on Climate Action (mitigation and adaptation).

The implementation of the energy efficiency projects financed under this operation will contribute to the achievement of Sweden's National Energy Climate Plan. In turn, it supports the EU and national targets for energy efficiency. The operation is fully aligned with the EU Energy Performance of Building Directive (EPBD) and Energy Efficiency Directive (EED).

The project quality is very good due to its focus on sustainability and addressing climate vulnerabilities. It is targeting vulnerable social groups in an efficient way and the governance structure is robust.

Stockholm values the longstanding relationship it has with the Bank being a provider of long-term loans with long draw-down availability periods that match the continuous funding needs the City and its subsidiary companies have.

Compliance with the relevant EU Directives will be verified during appraisal stage: EIA Directive 2011/92/EU amended by the EIA Directive 2014/52/EU, SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed. It is envisaged that the project will contribute to urban regeneration and sustainable urban development in local neighbourhoods, generating significant positive social and economic benefits, including better health and living conditions for lower income groups, job creation during implementation and the promotion of social mix. All these elements will be evaluated during the appraisal of the project.

The promoter is subject to the public procurement regime. The Bank will require the promoter to ensure that contracts for implementation of the project have been and will be tendered in accordance with the applicable EU procurement legislation, for contracts above the threshold: Directive 2014/24/EU as well as 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.