- The financing will support Joo’s investment pipeline of 29 high-energy performance residential buildings, comprising 2107 new apartments.
- The new apartments will have an average energy performance 18% better than the current applicable regulation.
The European Investment Bank (EIB) and Joo Group, company that develops and manages rental properties in urban areas in Finland, have signed a new €100 million green loan agreement to finance new high-energy performance residential buildings. The financing will support Joo’s investment pipeline of 29 high-energy performance residential buildings, comprising 2107 new apartments, located in Finland in the Helsinki, Tampere, Turku, Oulu, Hämeenlinna, Jyväskylä regions.
The aim of the project is to support the national strategy to develop low-energy consumption buildings, to be significantly below the level required for residential buildings in Finland. The new apartments that will be completed in 2023-2025 will have an average energy performance 18% better than the current applicable regulation. The project will be fully aligned with the EU's priorities and goals established in the European Green Deal.
“We are honored and excited for the opportunity to develop and even challenge the way people live here in Finland. Our Joo team is ambitious to reinvent urban living by focusing on a range of energy, environment and livability issues. Certainly, working together with EIB and for example striving for the LEED Platinum certification in our newest developments helps us do this in a structured way.”, says Joo Group CEO Antti Niskanen.
“Affordable energy efficient apartments are in high demand and the importance of energy sources and efficient heating/cooling systems have increased following the energy crisis and war in Ukraine,” said EIB Vice-President VP Östros. “Therefore, we are delighted to finance this operation which is in line with the Bank's priority energy lending, as it complies with the energy efficiency criteria and qualifies as a 100% climate action mitigation.“
“Working together with the professional and helpful EIB team has been delightful. Undoubtedly, the comprehensive evaluation process has helped us to review and develop our processes in multiple ways. We look forward to long term co-operation with EIB”, says Joo Group Director of Finance Janne Meriläinen.
Background information
The EIB Group has adopted a Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. As part of the roadmap, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement since the start of 2021.
Joo Group develops, owns and manages properties in Finland’s growth centres. The portfolio comprises of more than 6000 rental apartments with value around 1 billion euro. Joo promises its residents carefree living by providing personal and flexible service, encouraging vibrant and social rental communities, and making sustainable choices.
