MERIDIAN - Allocation under FRAMEWORK LOAN London Green Fund Co-financing Loan

Promoter – Financial Intermediary

London Borough of Enfield

Location

• United Kingdom

Description

Brownfield site redevelopment with social housing to be operated by the London Borough of Enfield.

Objectives

Under the Framework Loan operation "London Green Fund Co-financing Loan", it is proposed to allocate funding to a large sub-project above the EUR 50m equivalent threshold: The Meridian Water redevelopment and regeneration project is located in the London Borough of Enfield, situated in North London. The sub-project comprises Brownfield site redevelopment to provide rental social housing to be owned by the borough. It occupies a strategic location within the London-Stansted-Cambridge Corridor. Situated within the Upper Lee Valley, it is designated as an Opportunity Area within the Mayor of London's strategic plan (the 'London Plan'). The development will bring under-utilised Brownfield land back into productive economic use.

Comments

The project is still subject to necessary clearances/approvals.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

GBP 39 million (EUR 47 million)

Total cost (Approximate amount)

GBP 77 million (EUR 95 million)

Environmental aspects

Compliance with the relevant EU Directives will be verified during appraisal: EU EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the urban renewal, rehabilitation and reconstruction investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed during project appraisal.

Procurement

The Bank will require the borrower to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir 2004/18/EC and/or 2004/17/EC and Dir. 2007/66/EC [amending Directives 1989/665/EEC and 1992/13/EEC]), with publication of tender notices in the EU Official Journal, as and where required.

Status

Approved - 4/06/2014