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The Group's investments will consist of (i) energy efficiency (i.e. works on refrigeration and air conditioning machines), and (ii) technological innovation projects aiming at leveraging advanced digital technologies to improve, among others, customer experience, operational efficiency and the cyber-resilience of the Group. All investments will take place in Spain during the 2025-2028 period.
The aim is to support the Promoter in reinforcing its sustainability and competitiveness by improving energy performance and reducing energy consumption in the Promoter's facilities, as well by enhancing customer experience, operational efficiency and cyber-resilience through digital innovation. The Project will contribute to climate action mitigation by reducing greenhouse gas emissions.
The proposed operation aims to finance energy efficiency (EE) and innovation investments in the promoter's facility across Spain.
The Project is in line with the InvestEU objective of the development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement.
In general, EE investments face a chronic underinvestment, largely due to their fragmented nature and relatively small scale, which results in high transaction costs. This Project is expected to generate substantial social benefits, including reductions in greenhouse gas emissions and improvements in air quality, benefits that are not fully captured by private investors. The Project is also expected to enhance the Promoter's competitiveness by reducing energy costs, while supporting job creation, primarily among the companies responsible for executing the energy efficiency renovation works.
Investments in Digital innovation, Artificial Intelligence and Cybersecurity are aligned with EU policy objectives and are key to strengthen the competitiveness of the sector. In addition, they contribute to the Bank's core strategic priority "Digitalisation and Technological Innovation" (TechEU) and the "Innovation, Digital and Human Capital" Public Policy Goal (PPG).
Consequently, the project supports both EU and Bank priorities in the energy and research, development, and innovation (RDI) sectors. It contributes to the objectives of REPowerEU , contributing to the security of energy supply, to TechEU and to the EIB's and EU's climate action goals.
The Promoter is deemed capable of implementing the Project considering its overall experience and the application of proven technologies with limited technological risks.
The Bank will provide long-term, flexible financing tailored to the Project's lifecycle, diversifying the Promoter's funding structure and attracting additional investors through a positive signalling effect. The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
The Project will contribute to climate action and environmental sustainability objectives, in particular climate change mitigation. The investments will be implemented in existing buildings and only minor and temporary negative environmental impacts (e.g. noise, dust) might be expected, if any, which will be mitigated by proper works management. Given the type and scope of the investments, it is expected that none of the projects will require an Environmental Impact Assessment (EIA) under the EIA Directive 2011/92/EU (as amended by Directive 2014/52/EU). The EIB will nevertheless review during the project appraisal whether any of the investments could fall under Annex II of EIA Directive, as well as the compliance with applicable EU environmental legislation.
The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the Bank would require the Promoter to ensure that contracts for the implementation of the Project have been/will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC and Directive 92/13/EEC), with publication of tender notices in the EU Official Journal, as and where required.