• €185M in financing will back energy-efficient residential projects by Spanish SMEs and mid-caps.
• 100% of funds target sustainable construction, driving emissions reduction and climate resilience.
• EIB guarantees €93M under InvestEU, de-risking green investments and strengthening EU capital markets.

BBVA and the EIB Group (comprising the European Investment Bank and the European Investment Fund) have launched a €93 million synthetic securitisation backed by InvestEU, unlocking up to €185 million in financing for green housing projects in Spain.

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Supporting small and mid-sized companies to build near-zero emissions residential buildings across the country.

“This operation is one more demonstration of the EIB Group’s role of promoting new financial instruments like securitisation that help unlock capital for green projects, reduce the risk borne by sponsoring financial institutions and strengthen the EU capital markets union.”

The partnership gives SMEs and mid-caps access to favorable financing for sustainable housing—terms that are often out of reach without public backing.

• All projects financed will boost energy efficiency, cut CO₂ emissions, and support EU climate goals.
• A large portion of the projects will take place in cohesion regions, where income per capita is below the EU average—amplifying the social and economic impact.

“The agreement with BBVA supports the strategic priorities of the EIB Group, which include climate action, access to affordable and sustainable housing, cohesion and the capital markets union.”

By the numbers:

• Backed by a €1.4 billion loan portfolio from BBVA to SMEs.
• The EIB Group guarantees the €93M mezzanine tranche.
• BBVA retains the senior and junior tranches.
• Structured to meet STS criteria (simple, transparent, standardised), with synthetic excess spread and pro rata amortisation—switchable to sequential.

As the EU accelerates its green transition, this deal shows how public-private collaboration can scale impact—mobilizing capital, de-risking innovation, and delivering on ESG priorities.

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