EIB approves $84.3m loan for housing project in Germany

WCN Editorial Team 23 Nov 2021 EUROPE BUILDINGS

The European Investment Bank (EIB) has agreed to provide a $84.3m (€75m) loan for an energy-efficient housing project in Germany.
GEWOBAU, the municipal housing association GEWOBAU in Erlangen, will use the funding to support its programme that involves building 442 new homes and refurbishment of 564 existing houses.

EIB vice-president Ambroise Fayolle said: “Together with GEWOBAU, we are demonstrating that affordable homes can also be refurbished to become energy efficient, and that even energy-efficient new builds do not always have to mean high rents. We are proud that this project will help to sustain and grow a vibrant city.”

The 442 new houses will be designed to meet the highest energy efficiency standards in Germany.

Under the refurbishing programme, GEWOBAU plans to make 564 existing homes more energy efficient. It also plans to add 126 new social housing units to other buildings.

This is EIB’s first public social housing project co-financed in Germany and is said to be inline with its climate action and environmental sustainability standards.

The housing project will not only reduce carbon emissions in buildings but will also support German city’s climate goals.

With a portfolio of about 8,500 homes, GEWOBAU Erlangen is said to be one of the largest housing associations in the German state of Bavaria.

GEWOBAU managing director Gernot Küchler said: “The European Investment Bank is playing a key role in helping GEWOBAU Erlangen to achieve its objective of becoming carbon neutral by 2025.”
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The 442 new houses build as per the energy efficiency standards in Germany. Credit: ©Schmitt Photodesign.

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