Garanti BBVA granted the first green real estate development loan to Speedwell for The Ivy project
Garanti BBVA has granted to the Belgian developer Speedwell a green loan for a residential project certified by Romania Green Building Council (RoGBC) under the Green Homes international standards for the phase 1 of The Ivy – the new residential project located in the Northern area of Bucharest.
The Green Homes international certification (in EU, South America, Africa, Asia) includes additional requirements to the ones imposed by the European Taxonomy, being designed specifically to improve the sustainability of the residential sector. Up to now, more than 16,000 homes have been pre-certified/certified in Romania, with project values approaching 3 Billion Euros. The Green Homes certification of residential buildings goes beyond other green rating systems requiring, on top of the EU Taxonomy-compliant environmental criteria, indoor air quality and radon level pre-occupancy testing, monitoring the building occupancy, bio waste management, fire resistance, monitoring in post construction and operational stages, homeowners green standards awareness and energy optimisation.
RoGBC developed the green technical criteria and recently completed a European Commission-supported initiative to expand the program to eleven additional European countries. The organisation offered Speedwell the necessary guidance and verification in the certification process and will provide ongoing independent monitoring support on the post construction and operation stages to both the bank and the developer.
Garanti BBVA partnered with RoGBC to offer qualified green financing products including retail mortgages and investments loans.
The bank has joined the Romania Green Building Council in 2017, becoming a Platinum member in 2022, with the aim to further support the common goal of creating a more sustainable real estate sector in Romania and internationally.
Speedwell has voluntarily enrolled in the Green Homes assessment. A project that is Green Homes certified presents many advantages both to homeowners and urban areas inhabitants. For THE IVY, this translates into reduced living costs, a healthier environment focused on the well-being of the residents, as well as the opportunity of receiving a green mortgage that offers a better interest rate and better contractual terms.
“After the launch of the green mortgage for new homeowners, the green loan for developers is in line with our principles to support through bank financing the companies and projects having a positive impact on the environment and the quality of life. In addition to very high energy efficiency, THE IVY project meets the highest living standards in terms of health, quality, and comfort, as well as the awareness of sustainable living among its beneficiaries. Together with Speedwell and RoGBC, we are channelling financial resources toward sustainable development while educating the final beneficiaries of these investments toward a sustainable lifestyle.” stated Çağri Memişoğlu, Deputy General Manager at Garanti BBVA Romania.
”The green financing for developers for construction along with the green mortgage provided to homebuyers provides the full spectrum of financial benefits from environmental and social performance in Romania. This positions Garanti BBVA at the forefront of financial innovation for sustainability at a European level.
RoGBC awarded the preliminary GREEN Homes certification to The IVY by Speedwell based on a thorough independent verification of specific GREEN HOMES requirements that will be monitored in the construction and operational phases. ” Elena Rastei, Certification Director, Romania Green Building Council.
“Speedwell’s objective is to build sustainable, quality projects that users will be able to enjoy many years from now on. Our developments are our legacy, and we are keen on delivering them the right way. Having the right partners in our quest towards this goal has always made the difference. We are thankful for the support we have received from Garanti BBVA and Romanian Green Building Council. It will make a difference for THE IVY and the Bucharest real estate market” stated Didier Balcaen, CEO and CO-Founder at SPEEDWELL.