BBVA has signed a partnership agreement with Acciona to inform, advise and finance projects for energy efficiency upgrades in buildings. The aim is to reduce the electricity bills (by using less energy) and the carbon dioxide (CO2) emissions of Spanish buildings, some of the most energy obsolete in Europe. In the first stage of this service, BBVA will contact almost 3,000 home owners in Spain to promote energy efficiency.
Implementing energy efficiency upgrades in buildings is an essential step toward fulfilling one of the pledges in the Paris Agreement, climate neutrality by 2050. This has been stressed in the recovery plans sent to Brussels by countries such as Germany, France and Italy under the NGEU fund program. In Spain, the subsidies under the national energy efficiency building upgrade program (PREE funds) are now reinforced by 3.4 billion euros from the Next Generation EU funds, to be used to upgrade buildings under the urban regeneration and energy efficiency home upgrade program.
The agreement between BBVA and Acciona, one of the leading renewable energy companies, is the start of a project to enable home owners to upgrade their buildings and make them more energy efficient. Under the terms of the agreement, customers can subscribe a turnkey service from Acciona consisting of the design, implementation and processing of subsidies, and ask BBVA for a proposal for financing the projects.
On the strength of its knowledge and close relationship with its customers, BBVA thus informs home owners about potential energy savings and the benefits of cost savings derived from upgrading their buildings. If home owners show an interest, Acciona prepares an in-depth analysis of the property and drafts a custom proposal with the actions to take, possible subsidies and the necessary funding. After the project is accepted by the home owners, Acciona executes and handles the grants. In turn, BBVA, if so required by the customers, can offer a finance solution specifically designed for the energy efficiency upgrade project.
BBVA will start by contacting owner owners that are also BBVA customers and, as such, propose upgrade and finance plans to almost 3,000 homes built before 1985. The measures provided for include insulation for facades and roofs, LED or photovoltaic solar energy lighting and home automation systems. In Spain, 62% of its 9+ million apartment buildings are over 30 years old.
"Apartment buildings in Spain account for 25 million homes, two million of which are in poor condition. Any action targeting this situation is key to moving toward a greener and more sustainable economy in the long term. However, the complexity of implementing comprehensive actions and the difficulties accessing subsidies and funding hinder this type of effort. With this turnkey service that we offer in collaboration with Acciona, we wish to simplify the energy efficiency upgrade process of buildings in Spain," pointed out Jaime Yrazusta, head of Energy Efficiency for individual customers at BBVA Spain.
From left to the right: Elena González Sánchez, director of energy efficiency at Acciona y Jaime Yrazusta, Jaime Yrazusta, head of Energy Efficiency for individual customers at BBVA Spain.
Energy efficiency, key to a greener and more inclusive future
The partnership agreement between BBVA and Acciona is one of several initiatives by the bank to help its customers transition to a more sustainable world. Other initiatives in Spain include the collaboration protocol with the Institute for Energy Diversification and Saving (IDAE) to promote the energy transition of buildings in Spain and the agreement with Ateinsa (leading manager of energy subsidies) to help companies and SMEs manage public funds meant to enhance their energy efficiency.
In line with its strategy of assisting its customers with their energy transaction, the entity offers finance tools and solutions to make it easier and more profitable to invest in sustainability, while helping to care for the environment. In 2020, this translated into more than 8.5 billion euros used to finance sustainable projects in Spain.