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The project will finance the construction of approximately 2,370 new apartments for rent in the City of Malmoe (Southern Sweden).
The aim is to support the construction of new housing units for rent, to be built using improved Energy Efficiency standards, performing at least 10% better than the Nearly-Zero Energy Building (NZEB) standard set by the current Swedish regulation.
The operation consists of an investment loan to finance the construction of highly energy efficient buildings located in the Malmoe metropolitan area. The operation supports the EU's and Bank's priority in the energy sector, the EIB's climate action objectives and will contribute to the achievement of Sweden's National Energy and Climate Plan.
The operation meets an existing demand for highly energy efficient housing in Malmoe, a market characterised by constraints in housing supply and rapidly growing real estate and rental prices. Thermal comfort in the dwellings is ensured while households energy costs/consumption is kept to minimal levels. The risk of energy poverty, which has been accentuated with the recent increases in energy prices due to the Ukrainian conflict is therefore minimised.
The Promoter is deemed to be capable of implementing the operation considering its overall experience. The operation is expected to be both financially and economically viable, with a good economic rate of return (ERR) and positive social broader benefit.
The EIB is a provider of long-term loans with long draw-down availability periods that match the continuous funding needs of the City and its subsidiary companies to meet the capital expenditures needs to implement the City's ambitious development and expansion plans, while reaching its climate neutrality goals.
The project will generate positive environmental benefits, by reducing energy consumption, greenhouse gas (GHG) emissions, as well as individual energy expenses compared to the baseline scenario. At construction stage, the project implementation may lead to increased noise and vibration level and may affect the air quality. Adequate mitigation measures will be implemented together with the enforcement of best practices. The project impacts at construction stage will be reversible and temporary at a level that are deemed acceptable. The project will be in compliance with the revised Energy Performance of Buildings Directive EU/2024/1275) amending Directives 2018/844/EU and 2010/31/EU, as well as with Directive 2018/2002/EU amending Directive 2012/27/EU on energy efficiency. The project will be in compliance with the EU Directive (2018/844/EU) amending the 2010 Energy Performance of Buildings Directive (Directive 2010/31/EU) and Directive 2018/2002/EU amending Directive 2012/27/EU on energy efficiency. The promoter's environmental management capacity to properly apply the relevant EU Directives will be verified during appraisal, particularly with regard to EU EIA Directive 2011/92/EU amended by 2014/52/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. Some of the projects, namely construction of new buildings, may fall under Annex I or Annex II of the Directive EIA Directive 2011/92/EU amended by 2014/52/EU. The project will induce employment during implementation. The project will be appraised and monitored in line with the Bank's policies.
The promoter has to ensure that contracts for implementation of the project have been/will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.