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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

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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.
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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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