A composite insulating and cladding panel has a backing sheet, a plurality of cladding parts, and a support grid between the backing sheet and the cladding parts. The cladding parts are mounted to the support grid and a body of insulating material such as insulating foam. The cladding parts are spaced-apart to provide gaps. The cladding parts may have any desired surface finish. The cladding parts provide a finished façade. The panel incorporates a support grid that transfers load directly to a building structural framework. The panels also have interengagable features that facilitate joining between a plurality of panels to form a finished façade.