This is IFC’s first green loan to a Romanian-owned and based company.
The building will be one of the country’s largest office complexes and is part of an IFC effort to help build green business infrastructure, attract foreign investment, and facilitate the diversification of Romania’s economy, IFC said in a statement Tuesday.
Designed as an extension of Palas Iasi, which was inaugurated in 2012, the new project will strengthen the regional business center hub in the city center, which will reach 130,000 square meters.
Palas Campus, a EUR120 million project, will have 54,000 sqm of premium office space and 6,000 sqm of retail space, due for completion in 2022.
“Obtaining a syndicated green loan from IFC for Palas Campus, the first loan of this kind in Romania, is a testament to the sustainable development and operational policy underlying this project. This endeavor will also open new horizons for the business community in terms of international investments,” said Iulian Dascalu, president of Iulius Group.
The new complex will obtain IFC’s Excellence in Design for Greater Efficiencies (EDGE) certification for buildings. EDGE buildings use at least 20% less energy and water than standard buildings, helping to mitigate climate change.
To date, IFC has invested $5.4 billion globally in green buildings, and the EDGE program has delivered more than 220,000 tons of carbon dioxide savings from commercial and residential buildings.