AMB ENERGY EFFICIENT SOCIAL HOUSING

Promoter – Financial Intermediary

AREA METROPOLITANA DE BARCELONA

Location

• Spain

Description

Construction of energy-efficient social and affordable housing units for rent in the Barcelona Metropolitan Area.

Additionality and Impact

This Project concerns an investment loan to support investments in social and affordable housing for rent in the Barcelona Metropolitan area. The Project meets UN Sustainable Development Goals, various EU Sustainable Urban Development goals and Energy Efficiency targets, and metropolitan housing objectives. It addresses a number of externalities and sub-optimal investment flows. The Project will increase the supply of new social and affordable housing for rent, thereby providing greater housing options with high quality and energy efficient accommodation for low and medium income households and vulnerable groups. Thus, improving tenant's quality of life, promoting greater social inclusion, and enhancing the flexibility and functioning of the housing market.

 

EIB is supporting with long-term finance this operation. Other

financiers do not match the terms and conditions offered, in particular the

long tenor, long availability period, long grace periods and flexible drawdown

conditions are features aligned with the project implementation and economic

life of the financed asset. These will allow the promoter to maintain a sound

and balanced financial structure.

The Bank's non-financial contribution entails the potential

crowding in of other financiers based on recent experience with similar

projects.

Objectives

The project aims to increase the supply of new social and affordable housing for rent, thereby providing greater housing options with high-quality and energy-efficient accommodation for low- and medium-income households and vulnerable groups, thus improving tenants' quality of life, promoting greater social inclusion, and enhancing the flexibility and functioning of the housing market.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 145 million

Total cost (Approximate amount)

EUR 200 million

Environmental aspects

The Spanish Environmental Impact Assessment (EIA) Law (Environmental Law 6/2001), is compliant with EU Directives. Given the nature, location and size of the schemes included in this operation, none of them is subject to an EIA, nor requires an assessment under the EU Habitats Directive 92/43/EEC and Birds Directive 2009/147/EC. In addition, all buildings included in the project comply with the Energy Performance of Buildings Directive 2010/31/EU, as transposed into the Spanish legislation.

Procurement

AMB is governed by the provisions of Law 9/2017 of 8th November, on Public Sector Contracts transposing Directives 2014/23/EU and 2014/24/EU of 26th February 2014 into Spanish law.

Status

Signed - 18/11/2022