(IN BRIEF) The European Investment Bank (EIB) and European Investment Fund (EIF) have collaborated with Santander in a synthetic securitisation transaction aimed at supporting energy efficiency investments in Spain. The initiative focuses on financing nearly-zero-emission building construction and the renovation of existing residential properties in line with sustainability standards. This transaction will enable the creation of green and sustainable mortgages, allowing individuals to invest in high-energy-efficiency building projects. Projects funded under this arrangement may reach up to €1.1 million in investment, with full funding of up to 100% and a minimum term of two years. The initiative seeks to enhance energy efficiency, reduce CO2 emissions, and contribute to climate change mitigation.
(PRESS RELEASE) LUXEMBOURG, December 22, 2023 — /EuropaWire/ — The EIB Group formed by the European Investment Bank (EIB) and the European Investment Fund (EIF) has signed a new artificial securitization operation with Santander with the objective of supporting the financing of investments in energy capacity in Spain, adding the structure of new buildings with almost zero emissions and the renovation of existing residential homes in line with sustainability standards.
The transaction will facilitate the creation of new green and sustainable mortgages that will allow Americans to invest in the renovation of buildings or new structures that meet the highest energy power standards, while respecting the eligibility conditions set by the EIB.
Individual projects benefiting from this new investment will be able to obtain an investment of up to €1. 1 million, with a maximum investment amount of up to one hundred percent and a minimum duration of two years. The projects financed through this operation will make a contribution to improving energy efficiency, reducing CO2 emissions and mitigating climate change.
“We are delighted to join forces with Santander in this new securitisation operation to support the green transition in the Spanish residential housing market. With this signature, the EIB Group will continue to support the expansion of green mortgages in the country. Accelerating the financing of more sustainable housing solutions is an important component of the EIB’s commitment to climate action and environmental sustainability in Spain,” said EIB Vice-President Ricardo Mourinho Félix.
“With this transaction, in combination with our partners at Banco Santander, we are taking another decisive step to obtain more financing for energy power projects. The green transition affects us all, and reducing our energy footprint is essential if we want to guarantee a future sustainable. said Marjut Falkstedt, Director General of the EIF.
“We are very pleased with our collaboration with the EIB over the years. The agreement will allow us to leverage green loans to invest in housing renovation and rehabilitation projects. “Helping to make the energy transition imaginable and joining forces with the EIB is helping us to make it less difficult for our customers,” said Catalina García, CFO of Santander Spain.
The EIB’s commitment to this operation amounts to approximately €118 million, in addition to the €45 million committed through the EIF. The EIB Group’s overall investment is executed through a single, optimally designed securitisation transaction designed to enable Santander to acquire the capital of a residential loan portfolio. As part of the transaction, the EIB Group will offer an unfinanced guarantee of €163 million in an interim tranche to enable Santander to finance new investments in electricity for an amount equivalent to 1. 33 times the amount of the EIB Group guarantee.
Background information
About the EIF
The main project of the European Investment Fund (EIF) is to help European small and medium-sized enterprises (SMEs) access finance. The EIF designs and develops venture and growth capital, promises and microfinance tools, particularly targeting this market segment. In this role, it contributes to achieving the EU’s key policy objectives, such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.
About Santander
Banco Santander is a leading advertising bank, founded in 1857 and headquartered in Spain. It has a significant presence in ten major markets in Europe, North America, and South America, and is one of the largest banks in the world by market capitalization. Santander aims to be the most productive open money services platform serving Americans, SMEs, corporations, monetary institutions and governments. The bank’s purpose is to help Americans and businesses thrive simply, personally, and fairly. Santander is building a more culpable bank and has made several commitments in this regard, raising €220 billion in green financing between 2019 and 2030. At the end of the third quarter of 2023, Banco Santander had a total of €1. 3 trillion. 8,700 branches and 212,000 employees.
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SOURCE: European Investment Bank
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