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Signature(s)

Amount
€ 300,000,000
Countries
Sector(s)
Germany : € 300,000,000
Services : € 300,000,000
Signature date(s)
30/11/2012 : € 300,000,000
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Summary sheet

Release date
10 August 2009
Status
Reference
Signed | 30/11/2012
20080609
Project name
Promoter - financial intermediary
European Southern Observatory – E-ELT
European Organisation for Astronomical Research in the Southern Hemisphere (ESO)
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 300 million.
EUR 900 million.
Location
Sector(s)
Description
Objectives

The project concerns the design, development and construction of a 42-meter mirror optical telescope system, including post-focal Adaptive and Active Optics modules, scientific instruments (spectrographs for a variety of wavelengths, and electronic imaging equipment), as well as the construction of telescope dome, mounting system and drives, technical offices and infrastructure.

The science case for the European Extremely Large Telescope (E-ELT) is drawn from many areas of astronomy and it covers a huge range of topics: from our own solar system to extra-solar planets, from nearby galaxies to the furthest observable objects at the edge of the visible Universe, from fundamental physics to cosmology.
EIB financing of this unique research infrastructure corresponds with the Community objective under the Treaty’s Article 163 to strengthen the scientific and technological basis of Community industry and to encourage research centres and universities in their research and technological development activities and is in line with the common interest criteria retained under the EC Treaty’s Article 267 point c): Knowledge Economy; Research and Development. It is also in line with the Council Decision concerning the 7th Framework Programme (No. 1982/2006/EC) for the Community to support the construction of new infrastructures (Capacities).

Environmental aspects
Procurement

Although the project will likely be implemented outside the EU, it would, given its size and the likely pristine location, fall under Annex II of Directive 97/11. The promoter will inform the Bank about the decision of the competent authorities whether an EIA will be needed and, if such is the case, submit to the Bank the EIA and its non-technical summary, for publication on the Bank’s website.

ESO is an inter-governmental organisation and its Financial Rules and Regulations and Procurement Procedures require calls for tenders and price inquiries before awarding contracts.

Comments

The project is eligible under the Risk Sharing Finance Facility (RSFF). The RSFF is an innovative 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 in the field of  Research, Technological Development, Demonstration and Innovation investments. 
RSFF is built on the principle of credit risk sharing between the European Community and the EIB and extends therefore the ability of the Bank to provide loans or guarantees with a higher financial risk profile. The scheme also provides a wealth of opportunities for new and innovative EIB financing solutions directed at the private and public sector, research infrastructures and the research community as a whole.

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Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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