LEONARDO INNOVATION PROGRAMME

The project concerns Research, Development and Innovation (RDI) in the helicopters, space, defence electronics and security business areas, as well as on advanced research activities. The related RDI activities will be performed within Leonardo's research hubs dedicated to leading edge and breakthrough technologies. The investment programme covers the period between 2022 and 2026.

In the helicopters business area, the promoter aims at developing new products with expanded capabilities and performance, as well as new mobility solutions. In the other business areas, the activities target the development of new products ranging from space equipment to sensors, avionics and commercial electronics; in the field of cyber security, the project aims at developing solutions to enhance the protection of institutions, enterprises and citizens. The RDI activities carried out within the research labs aim at maturing technologies to the benefit of the different divisions of Leonardo Group.

The RDI activities included in the financed project cover a wide range of technologies within the helicopters, space, defence electronics and security business areas.

The project will contribute to increasing the promoter's industrial and engineering expertise and to accelerating the accumulation and diffusion of knowledge in Europe, through the promoter's collaboration with universities, research centres and industrial partners. The promoter's investment is also expected to contribute to increasing the technological competence and leadership of the European aerospace and defence industry.

The project contributes to the Bank's "Innovation, Digital and Human Capital" PPG. In the light of the costs incurred in convergence regions in Italy, part of the project (5%) contributes to the development of less-developed regions. Part of the project (24.61%) contributes also to the Bank's CA&ES crosscutting objective.

By supporting investments of a leading aerospace and defence European company in "RDI for dual-use technologies" on products with prevailing civil applications, the project is expected to contribute to the Bank's Strategic European Security Initiative (SESI). 

The project answers on the increasing policy focus on critical technologies supporting European security.

The promoter's investments address the market failures and gaps associated with projects with positive knowledge, environmental and safety externalities generation.

Origination and appraisal of the operation have benefited from the EIB technical expertise.

The proposed operation satisfactorily meets the required funding needs of the promoter as it provides for the necessary flexibility in terms of long tenor and repayment profile, together with a sizeable financing volume. The EIB funding is expected to improve the promoter's financial profile by further diversifying its funding base.

The RDI activities included in the project are not listed in any of the annexes of the environmental impact assessment (EIA) Directive 2014/52/EU amending the Directive 2011/92/EU. The project is therefore not subject to the EIA Directive. The Bank's services will review the environmental aspects of the project during the due diligence process.

The promoter has been assessed by EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, thus not being subject to EU rules on public procurement. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the European Commission will be informed and would require the promoter to apply those rules.