eib energy efficiency

The European Investment Bank (EIB) has partnered with the Unión de Créditos Inmobiliarios (UCI) to support energy efficiency projects in Spain and Portugal.

The two will generate a new portfolio of green financing of at least €100 million ($112.2 million) which UCI will issue in the form of mortgages and loans.

The loans and mortgages will finance the construction of new highly energy-efficient and net-zero multi-apartment buildings and the refurbishment of existing residential properties by individuals and associations.

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Funding from the new EIB and UCI partnership is expected to create 1,230 jobs, help save around 44GWh per year, enable the construction of around 25,000 m2 and the refurbishment of 450,000 m2 of properties.

Over 3,000 people will benefit from these investments.

This is the first project supported by the EIB that involves the creation of a portfolio of new energy efficiency loans that fulfill the requirements set by both the EU bank and the Energy Efficiency Mortgage Action Plan (EeMAP), an initiative run by the European Mortgage Federation and encouraged by the European Commission (EC).

The project will help to meet the region’s climate and energy-saving targets and attract investments in the field of energy efficiency while promoting the capital market for Residential Mortgage-Backed Securities (RMBSs) in Iberia, especially Portugal, where investments in this field have been modest since the past financial crisis.

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Emma Navarro, EIB Vice-President responsible for the Bank’s activity in Spain and Portugal and for its Climate Action, said: “Despite the challenging circumstances we all face and the focus of our efforts in combating COVID-19, we will not lose sight of the EIB’s long-term objective to underpinning Europe’s transition to a low-carbon economy and society. We are very pleased to support this innovative operation that stimulates energy efficiency investments in Spain and Portugal and that shows our commitment to continue promoting green projects. We will do our utmost to ensure that Europe’s recovery after the health emergency is climate and environmentally-focused.”

Roberto Colomer, Chief Executive Officer of UCI, stated that: “Our collaboration with the EIB under the EMF’s EEMI project will allow us to continue promoting energy efficiency and more sustainable homes in both Spain and Portugal. The renovation of homes and buildings in Europe is essential if we are to fulfil the objectives of the Horizon 2030 plan for sustainable development in the EU, a goal to which UCI is fully committed.”.