VVO NEAR ZERO ENERGY BUILDINGS

Promoter – Financial Intermediary

VVO-YHTYMÄ OYJ

Location

• Finland

Description

Financing a portfolio of new near-zero-energy buildings (NZEB)

Objectives

The energy efficiency improvements to new buildings will reduce energy consumption and lower CO2 emissions, contributing to security of supply and climate change mitigation objectives.

Sector(s)

• Services - Real estate activities

Proposed EIB finance (Approximate amount)

EUR 204 million

Total cost (Approximate amount)

EUR 572 million

Environmental aspects

Through the project, several new residential NZEB buildings, as per the requirements of Directive 2010/31/EU on the energy performance of buildings (Article 9(1)), will be constructed in existing built environments. They will, after completion, reduce energy consumption and pollutant emissions compared to the business-as-usual scenario (in compliance with the current regulation).

Procurement

The promoter has been assessed by the EIB as being a private company not operating in the utilities sector and not having the status of a contracting entity, thus not subject to EU rules on public procurement. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the Bank would require the promoter to ensure that contracts for the implementation of the project have been/will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC and Directive 92/13/EEC), with publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 28/11/2016