European Investment Bank Subscribes €100 Million to Inaugural Green Social Bonds by in’li for Affordable Housing

European Investment Bank Subscribes €100 Million to Inaugural Green Social Bonds by in’li for Affordable Housing

(IN BRIEF) The European Investment Bank (EIB) has invested €100 million in the inaugural issue of green social bonds by in’li, a subsidiary of the Action Logement Group focused on affordable rental housing in Île-de-France. These funds will be dedicated to residential buildings meeting specific energy efficiency and social impact criteria in areas of Île-de-France with housing shortages. This initiative aligns with in’li’s mission to provide affordable housing for middle-class workers and young professionals in high-demand regions. The financing adheres to strict green and responsible finance standards and has received a favorable assessment from ISS ESG, a leading credit rating agency in sustainable finance. The EIB’s support for this project underscores its commitment to sustainable finance and environmentally conscious housing solutions.

(PRESS RELEASE) LUXEMBOURG, 18-Jan-2024 — /EuropaWire/ — The European Investment Bank (EIB) has subscribed to the inaugural issue of green social bonds of in’li, a subsidiary of the Action Logement Group and a major affordable rental housing player in Île-de-France, in an amount of €100 million.

The entire proceeds of the financing will be allocated in areas of Île-de-France with a strained rental market to residential buildings that meet eligibility criteria in terms of energy performance and have a social impact; in’li’s mandate is to offer affordable rental housing to middle class workers and young professionals in the areas of Île-de-France that are under the most severe housing pressure.

This unprecedented, innovative financing of affordable rental properties meets environmental criteria that are at the core of the social mandate of in’li and the EIB.

This transaction was carried out in accordance with the highest standards of the green and responsible finance market. The green financing framework of in’li, backed by this operation, defines the eligibility criteria for the properties to be financed by this private placement. This green financing framework received a positive opinion from a third party, ISS ESG, one of the world’s leading credit rating agencies in the field of investment and sustainable financing. This opinion concerns, in particular, the degree of gradual alignment of in’li’s reference framework with the European Taxonomy Regulation. The EIB supports this approach and promotes the implementation of EU legislation on sustainable finance.

“In’li welcomes the conclusion of this new financing operation on two grounds: (i) it is the first issue of green social bonds by in’li; and (ii) this maiden issue has been subscribed by the EIB, a leading financial partner. This perfectly illustrates in’li’s sustainable financing strategy, in keeping with its strategic plan and its move towards decarbonisation,” said Chairman of the Executive Board of in’li Damien Robert.

“I welcome this financing with in’li which will enable it to scale up its investment in affordable and sustainable housing. A pioneer in the issuance of green bonds, the EU climate bank is proud to contribute to the development of high-quality environmental and social housing by reducing the energy bill of its tenants,” said EIB Vice-President Ambroise Fayolle.

Background information

About the EIB

The European Investment Bank (EIB) is the long-term financing institution of the European Union (EU) owned by its 27 Member States. It provides funding to support high-quality investments that help the European Union achieve its key objectives such as the European Green Deal, which targets EU carbon neutrality by 2050. As the EU climate bank, it aims to encourage the emergence and deployment of new technologies to meet challenges such as the energy transition to a new low-carbon growth model. In 2022, the EIB’s investments in renewable energy, clean mobility and energy efficiency in France amounted to €5.9 billion, or 70% of its financing.

About in’li

In’li, a subsidiary of the Action Logement Group, is the leading affordable rental housing player in Île-de-France with more than 50 000 housing units managed across the region. In’li’s mandate is to enable middle-class workers and young professionals to access housing in order to optimise their commute, facilitate professional mobility and help revitalise local areas.

About Action Logement

For 70 years the mandate of Action Logement, a leading player in social and affordable housing in France with more than one million housing units, has been to facilitate access to housing in order to promote employment. Action Logement jointly manages the social housing levy (Participation des Employeurs à l’Effort de Construction – PEEC), which supports housing for employees, champions business performance and helps make local areas more attractive. The group has 18 000 employees in France and the French overseas departments and regions.

Media Contact:

Christophe Alix
c.alix@eib.org
+352 4379 – 84303

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank