Summary sheet
The project will finance a submarine direct current high-voltage cable connecting the Marche and Abruzzo regions.
The aim is to improve the reliability and security of the network while strengthening renewable generation production capacity along other onshore investments. The project will contribute to EIB's climate action and environmental sustainability objectives, in particular to climate mitigation, as well as to to the REPowerEU plan. Additionally, it will be implemented in cohesion transition regions.
The project is a submarine direct current high-voltage cable connecting the Marche and Abruzzo regions. The Project contributes to addressing multiple market failures, with significant impacts and net economic benefits for Italy and for the Marche and Abruzzo regions, which are "Cohesion Regions". The Project contributes to the REPowerEU initiative of the Bank.
Thanks to the Project, the Country can progress towards its energy and climate plans faster and achieve a more cost-effective decarbonisation and energy transition. The project will increase the transmission capacity between market zones and will support the integration of higher volumes of renewable generation. As a result, the project has an excellent economic rate of return and broader social benefits. The high quality of the results of the Project is underpinned by significant experience and competence of the Promoter with the development and operation of this type of infrastructure.
The EIB lowers the associated cost of funding and offering tenor and disbursement periods beyond those usually proposed by other financiers. The support of the Project for such a relatively long tenor sends a strong signal to the market confirming the long-term soundness of the Borrower's business plan.
Given its technical characteristics, the project does not fall under Annex I nor Annex II of the Environmental Impact assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU) and, according to Italian law, will not be subject to a mandatory EIA. The project will run across coastal and marine areas and may result in temporary or permanent impacts on the terrestrial and marine environment through habitat damage or loss, noise, chemical pollution, waste generation, temporary land occu pation, dust emissions, heat and electromagnetic field emissions. The level of appropriate mitigation measures to minimise potential impacts will be verified at appraisal. In case of Natura 2000 areas affected, the due diligence will focus on verifying that Authority decisions are duly considered in the implementation of the project. In particular, no marine Natura 2000 areas are affected. The EIB's Envi ronmental and Social due-diligence will focus on the review of the project's assessments under the Habitats and Water Framework Directives, as applicable, as well as the associated feedbacks from competent authorities.
The promoter shall ensure that any contract for the project implementation will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/23/EU / 2014/24/EU / 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.