BBVA and IDAE join forces to rehabilitate 1.2M homes in Spain

BBVA and IDAE join forces to rehabilitate 1.2M homes in Spain

BBVA has signed a collaboration protocol with the Institute for Energy Diversification and Saving (IDAE) to promote the energy renovation of buildings in Spain, financing communities of owners.

The objective of this agreement is to promote the reduction of energy consumption and carbon dioxide emissions in the building stock, within the framework of IDAE's new Aid Program for Energy Rehabilitation in Existing Buildings (PREE).

Thus, BBVA plans to rehabilitate 1.2 million homes by 2030. This protocol between the bank and IDAE, a public entity that depends on the Ministry for the Ecological Transition and the Demographic Challenge, entails the promotion of measures aimed at favoring the design and implementation of solutions that allow financing actions for energy rehabilitation of buildings.

Specifically, BBVA will act as a channel agent for the funds available to IDAE and will complete the financing necessary for the building stock to reach the highest energy efficiency standards, according to the bank.

The PREE Program has a budget of 300 million euros. This amount will be distributed among the autonomous communities according to the number of main dwellings, according to the INE's Census of first dwellings. The grants may be requested until July 31, 2021.

According to the IDAE, only 0.3% of existing buildings in Spain have carried out energy rehabilitation interventions. Figure that shows the need to implement measures in this matter.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!