Sweden: Vasakronan signs a SEK 2 billion green energy loan agreement with the EIB
The EIB green energy loan facility is unsecured and provides Vasakronan with flexible financing with a maturity of up to 10 years. Vasakronan has the option of drawing the loan over a three-year period in several tranches. The loan facility supports the new construction and renovation of five properties, all of which have a low energy consumption and climate impact.
The properties to be newly constructed or refurbished are located in different parts of Sweden, and are set to drastically reduce the energy consumption and CO2-emissions of the buildings. All buildings will be environmentally certified to LEED Platinum, with only one project (Nöten) certified to LEED Gold, meaning all properties will have innovative and effective solutions for such matters as energy consumption.
“The recovery from the current crisis must be green.” added Thomas Östros, EIB vice-president. “In many parts of the world the lockdown has shown us powerful images of what a decarbonised world could look like, and we need to invest to make that a reality. The EIB has supported many energy efficiency projects in Sweden already and we are happy to once again support Vasakronan with this important step towards energy-neutral buildings.”
“The occupancy rate in the projects being financed by the EIB have already reached over 80%, and the majority of the tenants are from the public sector. Together with extensive climate efforts, this provides stability, which is valued at a premium in the market, especially in worrying times,” says Johanna Skogestig, CEO of Vasakronan.
About the properties
Celsius, 10,200 square metre new construction allocated over seven floors in Uppsala Science Park. Ready for occupancy 2020/2021. Largest tenant: The Swedish Food Agency
Nattugglan on Södermalm in Stockholm encompasses 15,000 square metres of new construction allocated over seven floors. Ready for occupancy 2022. Largest tenant: Tyréns.
Magasin X in Uppsala, a unique building in many ways and Sweden’s largest office property with a frame made entirely of wood. The property is being constructed at a prime central location beside Uppsala Travel Center. 11,500 square metres allocated over seven floors. Ready for occupancy 2021. Largest tenants: The Swedish Tax Agency, Ramboll.
Nya Kronan in central Sundbyberg encompasses a total of 42,700 square metres allocated over two new buildings and one existing building undergoing renovation. Ready for occupancy 2021. Largest tenant: The Swedish Tax Agency.
Nöten in Solna comprises the total renovation of four existing buildings that are linked together through a new separate building. The project encompasses a total of 26,000 square metres allocated over nine floors. Ready for occupancy 2020. Largest tenant: The Swedish Council for Higher Education (UHR), Statistics Sweden.
Since 2008, Vasakronan has focused on delivering a high and stable long-term return, but never at the cost of humanity or the environment. Diligent and structured work has made it possible to halve energy consumption in the property portfolio and to lower carbon emissions from own operations by almost 100%. 85% of the company’s property portfolio is environmentally certified, of which 72% is certified to Leed’s highest levels of Gold or Platinum.
In 2013, Vasakronan issued the world’s first green corporate bond. In 2017, the first green bank loan was signed with the EIB and since then, the company has broadened its investor base through the inclusion of green commercial paper. At the end of the last quarter, 52% of Vasakronan’s financing was green.