Toivo Group Plc and the European Investment Bank (EIB) have signed a €60 million green loan to finance 19 development projects for high energy performance residential buildings. The agreement will support the construction of over 700 apartments in Finland, mainly in the Helsinki region but also in the Tampere and Turku regions.

The projects will provide comfortable and energy-efficient small and medium-sized flats, which are in high demand in Finland. Residential properties with high energy efficiency standards are expected to make a significant contribution to the REPowerEU plan to end the European Union’s dependence on fossil fuel imports, and to the collective goal of achieving net zero emissions.

The financing of this operation supports the EIB’s clean energy lending priority and complies with the energy efficiency criteria for new residential buildings in Finland. As a result, the agreement qualifies as a 100% climate action project in accordance with the EIB’s current climate mitigation criteria for new buildings.

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Toivo Group Chief Executive Officer Markus Myllymäki said: “We are very pleased to be cooperating with the EIB for the first time, thanks to the company’s expertise and many years of work in sustainable construction and energy efficiency. The EIB financing will enable us to implement a develop, build and own business model and, above all, help Europe to break away from fossil energy sources.”

EIB Vice-President Thomas Östros said: “We are delighted to be cooperating with Toivo Group to develop new highly energy-efficient residential buildings in Finland. The project specifically targets the energy efficiency of buildings, which is a key priority under the European Green Deal, a key part of REPowerEU, and also one of the most effective ways to deal with the current energy crisis and to mitigate climate change.”