madrid energy efficiency
Image credit: EIB

The European Investment Bank (EIB) is providing Spanish real estate company GMP Property with €28 million ($33 million) in financing for the development of near-zero energy buildings in Madrid.

The funding will also enable refurbishments in existing buildings to improve their energy efficiency.

GMP will finance energy improvements in the flagship 38 346 m2 Castellana 81 building, and will develop new near zero energy projects such as the ARQBÓREA building in Las Tablas. The primary energy savings in the buildings covered by the EIB financing will be an estimated 3,420MWh per year (MWh/year), implying CO2 emissions savings equivalent to the average emissions produced by 124 EU households a year.

The EIB financing will support national and European energy efficiency targets, will help mitigate climate change and aims to lead to a catalytic effect for the growth of highly energy-efficient buildings in Spain.

The funding also will boost the economic recovery following the COVID-19 crisis and will drive the employment of 280 people during the implementation phase.

Related articles:
Ukraine to modernise district heating system with EIB and E5P aid
Polish bank signs $18.6 million energy efficiency pact with EIB
Slovakia to expand energy efficiency market with EIB aid

Ricardo Mourinho Felix, EIB vice president, said: “The real estate sector is one of the major energy users in Europe and, therefore, the modernisation and energy rehabilitation of our buildings is essential to achieving the European goal of reaching climate neutrality by 2050. For this reason, we are delighted to sign this agreement with GMP to encourage investments in sustainable buildings needed for the transition to a low-carbon economy that will also contribute to the economic recovery and job creation in Spain.

“One of the EIB’s key objectives is promoting sustainable and inclusive growth while combating climate change.”

Paolo Gentiloni, European commissioner for the economy, said: “Good news for the climate and for the construction sector in Madrid, which has been hit hard: the Investment Plan for Europe is supporting GMP’s investments in the construction of new office buildings and the renovation of old ones to meet the latest emissions and energy standards. Buildings are still the origin of 40% of our emissions, so their renovation is key to meeting our climate targets and is also a major source of new jobs. I hope to see many, many more investments of this kind in Spain in the coming years as part of the recovery effort.”