Stimulating eco-sustainable home renovation to maximize social, environmental and economic impact on the Balearic Islands

Project Information

REGENERATE

Grant agreement ID: 101025164

DOI

10.3030/101025164

Project closed

EC signature date 3 May 2021

Start date 1 June 2021

End date 31 May 2025

Funded under

• SOCIETAL CHALLENGES - Secure, clean and efficient energy

Total cost

€ 1 867 181,35

EU contribution

€ 1 867 181,35

Coordinated by

GLOBAL NEW ENERGY FINANCE SL
Spain

Periodic Reporting for period 1 - REGENERATE (Stimulating eco-sustainable home renovation to maximize social, environmental and economic impact on the Balearic Islands)

Reporting period: 2021-06-01 to 2022-11-30

Summary of the context and overall objectives of the project

REGENERATE galvanizes clean energy transition on the three Balearic Islands of Palma, Menorca, and Ibiza by triggering an investment of €44M in eco-sustainable renovation of 3,000+ homes. The Islands have an urgent need to transform their tourism-dependent economy into a resilient and green one, as they are especially vulnerable to climate change and are highly dependent on fossil fuels. The REGENERATE formula combines a market-driven, people-centric support with affordable financing and employs local One-Stop-Shop offices. Stimulating bottom-up demand is at the core of this approach; REGENRATE builds upon existing customer engagement infrastructure and practices on the islands. The impact goes well beyond energy savings and CO2 emission reduction by creating jobs, boosting health, wellbeing, and comfort.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During the first 18 months of the project the work has been mainly focused on the design and set-up of the OSSon the Balearic Islands, including their business models and the IT tools to be used. There's been a delay in the project implementation due to legal and administrative issues faced by the partners of Palma deMallorca and Ibiza that have impacted the overall work plan of the project. Nevertheless important developments have been achieved in terms of the design of the OSS and the demand assessment report.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The REGENERATE Partners have developed a practical and realistic pipeline of residential buildings that are eligible for sustainable renovation, taking into account several factors that ensure the highest possible level of achieved energy savings and decarbonization of the built environment on Menorca, Palma de Mallorca and Ibiza. Building upon lessons learned from the innovative EuroPACE project, REGENERATE seeks to leverage a pipeline of 44M EUR through a combination of holistic technical assistance and tailored financial support and achieve a total of 5M EUR in energy savings and almost 40GWh/year in terms of primary energy savings throughout the project's duration.

REGENERATE also contributes to local economic development on the islands, fostering job creation and a re-start of the economy after being thoroughly affected by the COVID-19 crisis. The importance of this cannot be understated, given that the islands' economy has been heavily dependent on tourism.

Additionally, the project contributes to the Sustainable Development Goals (SDGs) 7 - Affordable and Clean Energy, 8 - Decent Work and Economic Growth, 11 - Sustainable Cities and Communities and 13 - Climate Action.

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