Investment Plan for Europe - EU bank advances EUR 100 M to VIVAWEST

VIVAWEST and the European Investment Bank (EIB) have concluded a loan contract for EUR 100 million. VIVAWEST will use the EU bank finance, which is backed by guarantees from the European Fund for Strategic Investments (EFSI), to build around 900 housing units to KfW 55 standard in various towns and municipalities in North Rhine-Westphalia. EFSI is an essential pillar of the Investment Plan for Europe (IPE) – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations will boost the competitiveness of the European economy.

The loan contract was signed on 18 May 2018 in Gelsenkirchen by VIVAWEST’s CEO Claudia Goldenbeld and EIB Vice-President Ambroise Fayolle, who is responsible for operations in Germany and EFSI at the EU bank. The structure of the unsecured funding provides VIVAWEST with a high degree of flexibility on very favourable conditions. The credit line can be drawn down in several tranches and has a maturity of up to 13 years. The overall investment volume supported by the EU bank loan will amount to more than EUR 250 million.

At the signing ceremony, the EIB Vice-President stated: “The European Investment Bank is playing a leading role in the protection of the environment. I therefore very much welcome this new alliance with VIVAWEST, a renowned and reliable partner with a strong focus on sustainability in its business model. We can only reduce energy consumption in Germany by boosting energy efficiency in the building sector. This is key to sustainable environmental protection and the success of the energy transition.”

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VIVAWEST’s CEO Claudia Goldenbeld said: “VIVAWEST has substantially increased its investment in the creation of new living space in North Rhine-Westphalia. As from 2020, we will complete more than 1 000 new rental housing units per year, with considerable emphasis on high energy efficiency – for the benefit of our customers and the environment. We are therefore delighted to be partnering with the EIB. The finance contract provides VIVAWEST with a long-term, unsecured loan on attractive terms and helps to diversify our creditor base.”

European Commission Vice-President Jyrki Katainen added: “I am delighted that the European Fund for Strategic Investments continues to target investments in the low carbon economy across the EU. Today's agreement with VIVAWEST will benefit many thousands of local residents in the form of energy-efficient homes while having a tangible positive effect on the environment.”

Source: European Investment Bank
Date: May 18, 2018