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    Signature(s)

    Amount
    € 25,900,000
    Countries
    Sector(s)
    Spain : € 25,900,000
    Energy : € 25,900,000
    Signature date(s)
    9/12/2019 : € 12,950,000
    9/12/2019 : € 12,950,000
    Link to source

    Summary sheet

    Release date
    19 June 2019
    Status
    Reference
    Signed | 09/12/2019
    20190139
    Project name
    Promoter - financial intermediary
    IM2 SOLAR DEVELOPER FINANCE
    ACCEPTABLE CORPORATE(S)
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 26 million
    EUR 185 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The project consists of a platform to develop and operate 218-megavolt (MW) solar projects in Spain.

    This project will enable the financing of a NewCo, the holding company owner of 100% of solar photovoltaic (SPV) projects under development. The NewCo will build and operate 22 solar photovoltaic projects with an aggregate capacity of 218MW in Spain. This NewCo will be funded with equity provided by im2 Energia Solar SL and a profit participating loan ("PPL") provided by the EIB.

    Environmental aspects
    Procurement

    Details of the promoter's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and the EIB's Environmental and Social Standards as well as the capacity of the promoter to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. The promoter will be required to develop an environmental and social policy and establish the appropriate management systems to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the promoter will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB Environmental and Social Standards.

    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 after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (Directive 2014/23/EU / 2014/24/EU 2014/25/E), where applicable, then the Bank would require the promotor to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU /2014/24/EU / 2014/25/EU) where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the EU Official Journal, as and where required.

    Link to source

    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).

    Documents

    Environmental and Social Data Sheet (ESDS) - IM2 SOLAR DEVELOPER FINANCE
    Publication Date
    21 Dec 2019
    Document language
    Main Topic
    Lending
    Document Number
    95769740
    Document Focus
    Environmental Information
    Project Number
    20190139
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    scoreboard - IM2 SOLAR DEVELOPER FINANCE
    Publication Date
    17 Dec 2019
    Document Language
    English
    Main Topic
    lending
    Document Number
    124846084
    Document Focus
    EFSI legal requirements
    Document Type
    Scoreboard
    Project Number
    20190139
    Last update
    17 Dec 2019
    Sector(s)
    Energy
    Countries
    Spain
    Publicly available
    Download now

    News & Stories

    General enquiries and comments

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    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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