July 15 (Renewables Now) - The European Investment Bank (EIB) and Spanish state-controlled lender Bankia SA (BME:BKIA) launched last Friday a EUR-300-million (USD 338.2m) credit line to support the purchase of near zero-energy buildings (NZEBs).
The credit line consists of a EUR-150-million loan the EIB has provided to Bankia, which the Spanish commercial lender will match with EUR 150 million of own funds.
The so-called green mortgage will be available to home buyers in Spain and only for the purchase of newly built housing that meets even stricter environmental sustainability criteria than the current ones. The EIB said that eligible developments must have such thermal and sound insulation and ventilation systems to guarantee the lowest possible use of energy, among other industry standards.
By applying for Bankia’s green mortgages, the home buyers can count on favourable conditions in terms of interest rates and maturity periods, potentially leading to a reduction of 25 basis points, according to the EIB press release.
The new credit line is part of the EIB's wider loan programme to push projects that promote climate action, energy efficiency and the transition to renewable energy in Spain. Last year, EUR 1.285 billion of the EIB financing supported investments in clean energy and environmentally friendly projects in the Iberian country.
(EUR 1.0 = USD 1.13)