Release date: 17 September 2010
Promoter – Financial Intermediary
INGETEAM
Location
Description
The project comprises the Promoter’s investment in research, development and product/process innovation related to electronic equipments for renewable energies, such as frequency converters and electric generators for wind turbines, inverters for photovoltaic parks, as well as other electronic systems for thermoelectric, biomass and hydroelectric plants.
Objectives
The project concerns RDI activities for crucial components in renewable energy equipments, which are decisive technologies for the Member States to achieve their 2020 renewable energy targets. The project also covers, in part, RDI activities related to products belonging to the other promoter’s business units, namely “Industry”, “Marine” and “Traction”.
Comments
Subject to confirmation the project should be eligible under the Risk Sharing Finance Facility (RSFF). RSFF is an innovative credit risk sharing scheme jointly set up by the European Commission and the European Investment Bank to improve access to debt financing for private companies or public institutions promoting activities with a higher financial risk profile in the fields of research, technological development, demonstration and innovation investments.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 50 million.
Total cost (Approximate amount)
EUR 110 million.
Environmental aspects
The project concerns investment in research and development activities that are expected to be carried out in existing R&D facilities in which case an EIA would not be required according to Directive 85/337/EC, amended by Directives 97/11/EC and 2003/35/EC. However the promoter will be required to ensure that the provisions of the EIA Directive (paying special attention to ANNEX II, point 13) and those of any other relevant environmental acquis are complied with. Full environmental details will be assessed during the appraisal.
Procurement
Procurement is expected to be in line with EIB guidelines for private-sector projects. The Bank’s services will verify details during the project’s due diligence.
Status
Signed - 28/06/2011