Deutsche Bank has signed what is so far the largest operation aimed at residential refurbishment in the country with Next Gen funds. Through Avanza Credit, its specialised area in financing this type of projects, the bank has closed an agreement to support the energy rehabilitation project of facades and roofs of the residential complex 'La Pajarita', located in Albacete. Under this agreement, Deutsche Bank will finance 10.6 million euros of the 13 million budgeted, with part of the aid already received.
Specifically, the refurbishment that has just begun includes the installation of an Exterior Insulation System (SATE) on the facades of the residential building and other insulating materials on the roof. The arcades will also be insulated and the windows will be replaced with more insulating ones, and the oil-fired boilers will be replaced with new natural gas condensing boilers, with high-efficiency regulating pumps and a cost-sharing system.
These improvements are expected to raise the building's energy rating from an F to a D. This ambitious project will enable 'La Pajarita', a community of owners comprising 478 dwellings, to qualify for European subsidies aimed at reducing 'Non-Renewable Primary Energy' consumption by at least 30%, as well as reducing annual energy demand for heating and cooling by 35%. To carry out this transformation, the designated Rehabilitation Agent is AR Rehabilitación Energética, S.L., and the construction company in charge will be Aldara Construcciones e Infraestructuras, S.L.
More than 80% of Spanish buildings and homes have an E, F or G rating, according to IDAE data. This is why sustainable refurbishment has become one of the main levers used by governments in their fight against climate change and why Next Generation funds are a tool for implementing it.
"The collaboration between financial institutions and public bodies is undoubtedly helping to promote refurbishment projects that transform communities and lead the way to a more sustainable future, as well as improving the quality of life of residents. The largest residential refurbishment closed to date with Next Gen funds is proof of this," said Jorge Sáenz de Miera, Head of Avanza Credit at Deutsche Bank Spain.