Three financial entities have joined the Housing Energy Efficiency Guarantee Fund for Extremadura (GEEVE Fund), created thanks to the HousEEnvest project.

The Minister of Mobility, Transport and Housing, Leire Iglesias, and the Minister of Economy, Science and Digital Agenda, Rafael España, have presented this Fund to the media, which will allow owners communities and single-family houses owners access to loans with advantageous conditions for the rehabilitation of the dwellings in order to achieve improvements on energy efficiency.

The financial entities that have signed with Extremadura Avante their adhesion to the GEEVE Fund are Caja Rural de Extremadura, Ibercaja and Triodos Bank, as well as Extremadura Avante and the Junta de Extremadura (from the Regional Government).

Leire Iglesias explained that the Fund is one of the results of the HousEEnvest project, together with the Office of Comprehensive Services for energy rehabilitation (OSIR).

The purpose of the project is the energy rehabilitation of homes to achieve “an efficient, almost zero emissions” with relevant economic savings for the owners, as explained by the Minister. In order to achieve “the goal of decarbonizing the housing park before the year 2050, combat environmental pollution and end energy poverty”.

Leire Iglesias indicated that in Extremadura there is 60% of residential buildings are over 60 years old, and, although 90% are in good condition, 7% present very poor conditions. The improvement of these buildings affects the quality of life of families, especially those that have to make a greater financial effort to pay for energy consumption.

This financial instrument, aimed at owners communities and owners of single-family homes, may reach investments up to 800,000 euros, with a public guarantee coverage of 80%, without requiring additional guarantees from applicants, and is endowed with 5 million euros.

The Minister explained that the objective of the Junta de Extremadura, within the HousEEnvest project, is the evaluation of 120 buildings per year, with direct actions on 1,000 buildings in the next 3 years, which will generate an economic impact close to 30 million euros. euros.

With the energy renovation of homes, significant savings in electricity and gas consumption can be obtained, as well as reducing polluting emissions.

Leire Iglesias stressed that this Guarantee Fund will be compatible with other grants from the Regional Administration aimed at rehabilitating and renovating the building park in Extremadura. In addition, she pointed out that there are other lines of financing, regional, national and from the European Union, and highlighted that the amortization in consumption, added to direct aid and the financing obtained with the GEEVE Fund “means, not only a minimum expense but enormous benefits and capacity for return for Extremadura’s society”.

The Minister of Economy, Science and Digital Agenda, Rafael España; explained that the creation of the GEEVE Fund is a sample of the transversal work carried out by the Extremadura Government and the public-private synergies created to strengthen the energy rehabilitation sector in Extremadura. So the Fund involves regional public funds and the European ones.

Rafael España highlighted that the Fund also involves the creation of a loan portfolio of about 35 million euros, which can be requested by both owners communities and owners of single-family homes to make investments in the area of ​​energy efficiency.

These are loans that will be below the traditional market conditions and are a tool available to citizens, according to the Minister, which will make it possible to boost the construction sector, which in Extremadura represents 7% of the regional GDP, with greater guarantees, since these are interventions that have a public endorsement.

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Source: Junta de Extremadura