Legal & Regulatory News

Spain & Portugal: EIB and Unión de Créditos Inmobiliarios join forces to boost energy efficiency projects

The European Investment Bank (EIB) and Unión de Créditos Inmobiliarios (UCI) have launched a new initiative to finance green investments in Iberia, which will help fund energy efficiency projects ranging from the refurbishment of existing buildings to the construction of Nearly Zero-Energy properties.

At least EUR100 million of green financing is expected to be made available through energy efficient mortgages and consumer loans, which are to be offered to the market by UCI. In order to help fund this project, the EIB will participate in the senior tranche of a residential mortgage-backed security for a total amount of approximately EUR100million. The securitised portfolio consists of existing Portuguese mortgage loans originated by UCI.

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

Click here to access the press release.