SPANISH RENEWABLE ENERGY AUCTION PROGRAMME LOAN

Programme loan (PL) concerns the financing of medium to large greenfield on-shore wind and solar projects in Spain, awarded in the renewable energy auctions that took place in 2017. The auctioned wind and solar capacity will boost the country effort to meet the EU 2020 targets to achieve 20% of gross final consumption of energy from renewable energy sources. In addition, it will complement the electricity system in view of the expected closure of up to 5GW of domestic coal-fired capacity by 2020 and the shutdown of nuclear capacity during the next decade.

The programme, financed under the EIB climate action, will contribute to achieve Spain 2020 targets to reduce CO2 emissions, by financing renewable energy sources. Furthermore, it will also boost economic and social cohesion.

The sub-projects will go through an Environmental and Social Impact Assessment (ESIA) process, including a public consultation, and EIB will make sure that the Environmental Impact Statements will be issued and approved, as necessary. The applicability of the Environmental Impact Assessment (EIA) Directive 2011/92/EU, the Strategic Environmental Assessment (SEA) Directive 2001/42/EC, the Habitats Directive 92/43/EEC and the Birds Directive 79/409/EEC will also be reviewed at the appraisal for each of the eligible subprojects.

Spain has now incorporated two of the latest EU Directives for Procurement (EU Directives 2014/23/UE and 2014/24/UE). The Spanish national law 9/2017 transposes the two Directives mentioned, this law entered into force in early March 2018. Accordingly, all subprojects under the PL are expected to follow this new Spanish law 9/2017 that transposes the two latest procurement EU Directives mentioned above. EIB services are in the process of carrying out due diligence on this matter.