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The operation is a framework loan to finance an investment program comprising of construction of new energy efficient residential buildings, energy efficiency renovation of existing buildings and installation of solar panels.
The project is a framework loan to finance an investment program comprising of construction of new energy efficient residential buildings with an energy performance of at least Nearly-Zero Energy Buildings (NZEB) minus 10%, energy efficiency renovation of existing buildings (major renovations and/or single energy efficiency measures) and installation of solar panels in Germany.
The proposed operation aims to finance Energy Efficiency and Renewable Energy projects in Germany in existing and new residential buildings, supporting EU's and Bank's priority in the energy sector and the EIB's climate action objectives.
The operation will contribute to achieving social and public benefits that are not typically internalised in the investment rationale of private investors, including the reduction of carbon emissions, air pollution, as well as the increase of thermal comfort.
Therefore, the project will be fully aligned with EU's priorities and goals established in the European Green Deal and particularly in the Renovation Wave. EE investment in residential buildings suffer from a chronical lack of investments due to the small size of each intervention resulting in relatively high transaction costs.
The operation is expected to yield good economic and very good broader social benefits.
The Promoter is deemed to be fully capable of implementing the project considering its overall experience.
The EIB additionality to this operation is expected to provide a tangible value added, contributing to accelerate the implementation of the underlying EE schemes, by providing an unsecured term loan with long maturity, which is not currently available for financing energy efficient programme at such a large scale. It will be complemented by national promotional funding instruments.
This operation is intended to generate environmental benefits by supporting energy efficiency and renewable energy projects that help mitigate climate change. The energy efficiency sub-projects will be implemented in compliance with the Energy Performance in Buildings Directive (EPBD) 2024/1275/EU, amending 2010/31/EU. The schemes will reduce the energy consumption of buildings and the associated pollutant emission. The schemes are not expected to fall under the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU, provided that the buildings will be integrated in urban areas. Where and if applicable, and based on a risk-based approach as defined in the EIBG E&S Policy, the requirements of the Environmental Impact Assessment Directive 2011/92/EU as amended by Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be checked during appraisal.
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the promoter to apply those rules.