According to the Bank’s website, the transaction consists in a synthetic securitisation with Banco Santander Totta, a subsidiary of the Group, backed by green loans to private individuals, homeowners associations, small and medium sized enterprises (SMEs) and mid-caps in Portugal.

The operation will target investments in climate-action initiatives, more specifically energy efficiency investments in buildings by individuals (new construction and renovation) and potentially other energy-efficiency investments by SMEs and Mid-caps - all to be carried out in Portugal. Some of the projects are expected to be located in less developed and cohesion regions of the country.

The aim is to enhance access to finance to the final beneficiaries investing in climate action projects, namely energy efficiency of new and existing buildings.

The operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". Banco Santander Totta has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.

Banco Santander Totta S.A. is a subsidiary of Spanish bank Banco Santander in Portugal. Founded in 1988, it is currently the largest private bank in Portugal. In 2000, the then Banco Totta was acquired by Santander Group, later changing its name to Banco Santander Totta. 

No contacts available at the time of disclosure.

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