ROLLING STOCK RDI AND DIGITAL TRANSFORMATION

Financing the Promoter's 2021-2024 rolling stock research, development and innovation (RDI), its digital transformation and other expansion investments.

The project will contribute to the objective of promoting sustainable transport technologies.

The project supports a leading Spain-based specialised rolling stock engineering company in the development of key components and systems for low carbon rail transport vehicles with an increasing high technological content. In addition to an increased safety and security of products and manufacturing processes, the outcome of the project includes positive environmental effects linked to the development of rolling stock that is more energy efficient, sustainable and entailing the use of recyclable composites. The project strengthens the competitiveness of a European rolling stock manufacturer, supports the accumulation and diffusion of knowledge (through patents and collaborative projects with industrial and academic partners) and workforce upskilling and training. It is also aligned with the EU mobility strategy which calls for a progressive increase in both passengers and freight rail traffic, enhanced by an affordable high-speed (electrified) rail network. The EIB is expected to provide the company with access to long term financing combined with customised and flexible financial terms and conditions (such as long availability periods and flexible drawdowns), which better mirror the time horizon of the investments and is suited for the inherently high level of uncertainty within R&D activities. In addition, the EIB loan provides a signalling effect on the soundness and quality of the project, which could facilitate the crowding-in of additional commercial and public lenders as well as European Union funds.

The project concerns investments related to research and development and to the manufacturing of rolling stock and systems that are not specifically listed in Annex I or II of the EU Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to an EIA.

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation, then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.