The European Commission and European Investment Bank (EIB) have agreed to provide Spanish financial institution UCI with €2.6 million (£2.24m) for energy efficient housing.
The financing will support the development of UCI’s Residential Energy Rehabilitation (RER) project over the next three years, providing assistance to homeowners for energy efficiency improvements in Barcelona, Madrid, Seville and Valencia.
The RER project aims to upgrade 3,720 homes and help reduce household energy consumption by an average of 50% as well as mobilise €46.5 million (£40m) in eligible investments.
The energy efficiency projects will be chosen based on the results of energy audits, with expected upgrades to include insulation, window replacements and glazing, heating, cooling and ventilation upgrades, efficient lighting and renewable energy technologies such as solar panels.
The funding is being provided through the European Local Energy Assistance (ELENA) programme, a joint initiative led by the EIB and the EU Commission under the Horizon 2020 programme, offering technical assistance for energy efficiency, renewable energy and sustainable urban transport projects.
EIB Vice President Ricardo Mourinho Félix said: “Improving energy efficiency in urban areas is playing an increasingly important role in fighting climate change, as cities continue to expand.
“We are pleased that this agreement with UCI will enable the renovation of over 3,000 dwellings in cities across Spain, helping to reduce energy consumption, while bringing substantial energy savings to Spanish households.”