Caixabank to offer homeowners sustainability lending through EDP tie-up

Spanish lender Caixabank (BME:CABK) has joined hands with utility Energias de Portugal SA (ELI:EDP), also known as EDP Group, to launch a series of products aimed at promoting sustainability and energy saving for private homes, including solar panel installation.

The initiative aims to offer financing for the installation of solar panels for self-consumption and battery storage facilities, Caixabank said on Monday. The Spanish lender added it stepped in as part of its action framework for energy transition through which it plans to mobilise EUR 64 billion (USD 64bn) in sustainable financing until 2024.

With the new offering, Caixabank and EDP, which is also active in the Spanish market, intend to facilitate the sale of 100,000 photovoltaic (PV) panels to customers in Spain by 2025. According to the Valencia-based lender’s estimates, the total investment that will be required to install these panels stands at EUR 7,000.

Caixabank and EDP are already partnering to promote investment in solar projects in the residential sector. Last year, they launched a package enabling homeowners to equip their dwellings with photovoltaic (PV) panels through a special financing programme marketed through the Wivai e-commerce platform.

(EUR 1.0 = USD 0.999)

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