CDP CLIMATE CHANGE RISK SHARING IP

Investment platform, developed jointly with Cassa Depositi e Prestiti S.p.A. (CDP), the Italian National Promotional Bank (NPB), based on a linked funded and/or unfunded risk-sharing instrument, to cover, together with CDP on a pari-passu/pro rata basis, up to 50% of the credit risk associated with a new portfolio of energy efficiency (EE), renewable energy (RE), circular economy (CE) and biomethane medium-sized projects originated by Italian financial intermediaries

Under the proposed operation, the EIB would provide, together with CDP, an up to EUR 400m guarantee and/or risk-sharing financing to a group of intermediary banks (the partner banks) that would commit to producing a new loan portfolio for a total eligible investment of EUR 800m in the EE, RE, CE and biomethane sectors. This investment platform would represent one of the first co-risk-sharing platforms being offered by the Bank jointly with the Italian NPB.

In accordance with the Bank's policy to ensure that loans and guarantees comply with the EU acquis, in particular in the fields of environment and public procurement, the Bank will require the partner banks to take all requisite measures to ensure that the environmental procedures carried out by the final recipients for the investments comply with relevant EU legislation and applicable national legislation, provided that it is in conformity with EU rules.

Most of the investments financed by the partner banks are expected to target private companies, operating without exclusive or special rights within the meaning of the EU Utilities Directive 2004/17/EC c.q. 2014/25/EU. Some schemes, however, including public lighting and district heating, may be obliged to follow public procurement procedures and comply with Directive 2004/18/EC c.q. 2014/24/EU. The partner banks will be required to ensure that procurement procedures applied by the underlying investee companies are in line with the relevant procurement directives.