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Signature(s)

Amount
€ 45,000,000
Countries
Sector(s)
Portugal : € 45,000,000
Transport : € 45,000,000
Signature date(s)
23/12/2021 : € 45,000,000
Link to source

Summary sheet

Release date
17 June 2021
Status
Reference
Signed | 23/12/2021
20200410
Project name
Promoter - financial intermediary
MEDWAY CARGO ROLLING STOCK
MEDLOG SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 45 million
EUR 93 million
Location
Sector(s)
Description
Objectives

Acquisition of 16 electric locomotives and 113 intermodal wagons to provide new rail cargo services in Spain and Portugal.

The project contributes to expanding rail freight transport services, thus enabling a more efficient supply chain in Portugal and Spain and reducing transport costs for import and export goods. The project is therefore expected to increase the competitiveness and regional development of the region and contribute to sustainable growth and employment in Iberia. Additionally, the project is to be considered under the Climate Action (CA) objectives of the Bank, as it fosters a modal shift from road to rail and supports investments in electric rail transport, a zero direct emissions transport technology.

Additionality and Impact

The project is expected to enable modal shift from road to rail, thereby enhancing sustainable transport in line with EU objectives and reducing negative transport externalities. The project contributes to meeting the Bank's CA&ES target. The rolling stock will provide services predominantly in less developed or transition regions and thereby support the strengthening of the EU's economic, social and territorial cohesion. The project supports the deployment of the European Rail Traffic Management System, which creates network-wide benefits that are higher than those experienced by each operator individually.The Bank's contribution will be visible through both financial and non-financial elements. The Bank's experience in lending to the rail sector and in analysing project finance transactions will improve the structuring of the transaction, through close co-operation with the promoter and commercial lender(s). The EIB commitment will additionally provide for a significant financing amount at affordable terms (long tenor, acceptable structure of repayment and affordable pricing), thereby strengthening the Bank's financial contribution to the project.

Environmental aspects
Procurement

The investments proposed under the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment Directive 2011/92/EU as amended by Directive 2014/52/EU as manufacturing and use of rail rolling stock is not included in either list. The maintenance will be done by Medway Maintenance & Repair (ECM or Entity in Charge of Maintenance) in their existing workshop in Entroncamento. No construction works or retrofits will be needed on the workshops. All else equal, the project is expected to have a positive environmental impact by improving the modal share of freight rail in Spain and Portugal.

The Promoter is a private company not operating in the utilities sector, and therefore not covered by EU Directives on Procurement. Procurement of the locomotives and wagons has taken place through a negotiated procedure between the company and various EU-based suppliers.

Link to source
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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).

Documents

Environmental and Social Data Sheet (ESDS) - MEDWAY CARGO ROLLING STOCK
Publication Date
1 Feb 2022
Document language
Main Topic
Lending
Document Number
136093960
Document Focus
Environmental Information
Project Number
20200410
Sector(s)
Regions
Countries
Publicly available
Download now
Other links

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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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