The German real estate management company will use the funding – which is backed by guarantees from the European Fund for Strategic Investments (EFSI) – to deliver around 900 housing units to KfW 55 standard across a number of towns and municipalities in North Rhine-Westphalia.

EFSI is an essential arm of the Investment Plan for Europe (IPE) – also known as the Juncker Plan – under which the EIB and the European Commission work together as strategic partners.

The loan agreement was signed on 18th May 2018 in Gelsenkirchen by Claudia Goldenbeld, CEO at VIVAWEST, and Ambroise Fayolle, vice-president at EIB, who is responsible for operations in Germany and EFSI at the EU bank.

During the signing ceremony, Ambroise said that the European Investment Bank was playing a leading role in the protection of the environment.

“I, therefore, very much welcome this new alliance with VIVAWEST, a renowned and reliable partner with a strong focus on sustainability in its business model.

“We can only reduce energy consumption in Germany by boosting energy efficiency in the building sector.

“This is key to sustainable environmental protection and the success of the energy transition.”

Claudia added: “VIVAWEST has substantially increased its investment in the creation of new living space in North Rhine-Westphalia.

“As from 2020, we will complete more than 1,000 new rental housing units per year, with considerable emphasis on high energy efficiency – for the benefit of our customers and the environment.

“We are therefore delighted to be partnering with the EIB.

“The finance contract provides VIVAWEST with a long-term, unsecured loan on attractive terms and helps to diversify our creditor base.”