Proof of performance: Greenhouse
In May 2006 in the Netherlands the first greenhouse was opened that emits no greenhouse gas. Project financing in the sum of EUR 5.5 million and a start-up subsidy of EUR 240,000 were provided. The greenhouse stores superfluous solar heat in underground water tanks and releases the energy when required. On balance, the new greenhouse actually consumes less energy than it stores. The excess is available for other purposes, such as heating homes.
Deal characteristics
- Financing in the sum of EUR 5.5 million was provided by the local Rabobank Oost-Betuwe, Rabo Green Bank B.V. in cooperation with Rabobank International (Corporate Clients and Project Finance).
- Start-up subsidy granted of EUR 240.000 by Rabobank Nederland
First project in its kind. Requiring cooperation between different parties involved.
Rabo Green Bank, a wholly-owned subsidiary of Rabobank Nederland, was able to qualify this project as a so called "green project" with the Dutch Ministry of Housing, Spatial Planning and the Environment. Green projects are financed at below-market rates that are made possible by fiscal advantages for retail investors. On this basis attractive interest rates can be offered to green projects. This financing is in principle applicable in the Netherlands and non-OECD countries. In addition a sale-and-lease-back arrangement for the greenhouse - via Rabobank’s subsidiary De Lage Landen - was offered
Rabo Green Bank B.V.
Local Rabobank Oost-Betuwe
Rabobank International: Corporate Clients and Project Finance
De Lage Landen B.V.
The greenhouse was opened on 24 May 2006.
Huissen, province of Gelderland, the Netherlands