Summary sheet
The project concerns the promoter's investment plan 2024-2027 for the modernisation and extension of the electricity distribution network in the municipality of Rome and Formello.
The aim is to replace obsolete infrastructure with modern and more efficient components to improve the electricity network resilience to climate events, ensure the overall stability and reliability of the distribution system as well as reduce the risk of supply interruptions. Such investments in the electricity network having a long-term economic lifetime will contribute to reduce GHG emissions by enabling the connection on new renewable energy sources, and the electrification of the economy based on low carbon energy, as per EU and national long-term climate and energy policies.
The Project contributes to the Bank's lending priority objectives on "Climate Action and Environmental Sustainability" and aligns to REPowerEU objectives. The Project will also contribute to the "Energy Lending Policy" theme of "innovative technologies" and is aligned to the Italy's NECP ("National Energy and Climate Plan").
The planned investment aim at maintaining security of supply, efficiency and reliability of the service and enabling the connection of new renewable energy generation capacity over the period 2024-2027, reducing environmental impact such as carbon and pollution emissions.
The investment plan addresses the needs for the renewal of existing assets as well development of new lines, substations and "2G" smart metering.
The EIB support to the Project will bring a tangible financial value added by lowering the associated cost of funding and offering a tenor longer than the one normally proposed by other financers. Considering the magnitude of the Project, the EIB support will also contribute to accelerate its implementation. The value added provided by the EIB is even more tangible under the current volatile market conditions, impacted by the ongoing geopolitical issues.
The due diligence will focus on the promoter's capacity and capability to implement the investments in line with EIB environmental and social standards and requirements. Some investment schemes may fall under Annex II of the environmental impact assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU). However, the schemes to be financed have an operating voltage which is below the threshold for the screening set out in the national legislation as per the provisions of Article 4(3) of the EIA Directive.
The EIB will require the promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/E as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.