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Signature(s)

Amount
€ 50,000,000
Countries
Sector(s)
Italy : € 50,000,000
Energy : € 50,000,000
Signature date(s)
12/10/2023 : € 50,000,000
Link to source

Summary sheet

Release date
27 December 2022
Status
Reference
Signed | 12/10/2023
20200737
Project name
Promoter - financial intermediary
CANADIAN SOLAR VEHICLE
CANADIAN SOLAR INC
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 50 million
EUR 349 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The framework loan will finance the construction and operation of a portfolio of photovoltaic projects in Italy, with an aggregate capacity of approximately 300-350 MWp. The projects are expected to start construction between 2023 and 2025.

The aim is to finance a NewCo, the holding company with an exclusivity right to acquire 100% of solar photovoltaic projects developed by Canadian Solar (CS). The NewCo will build and operate a portfolio of projects in Italy, with an expected capacity of 1.3GW. Besides the EIB loan, the NewCo will be funded with equity provided by CS.

Additionality and Impact

The project increases renewable energy generation capacity in Italy and contributes to national and EU 2030 climate objectives. Electricity is produced from low carbon sources (solar PV), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution. The financing of this project is in line with the Bank's lending priority objectives on Energy (Renewable Energy) as well as the transversal objectives on Climate Action (mitigation),and Social and Economic Cohesion.


As it relies on revenues from the market (the wholesale market and unsubsidized commercial PPAs), in a sector characterised by incomplete markets, the project improves market efficiency and competition. It is expected to yield very good quality and results due to excellent social benefits, fair employment creation and a good ESG rating.


The EIB will be acting as a cornerstone lender and thus crowding-in other lender(s) into the financing structure.


Environmental aspects
Procurement

Details of the promoter's environmental and social due diligence procedures for ensuring compliance with relevant EU and national legislation 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 & social policy and establish the appropriate management systems to comply with the EIB's environmental and social requirements. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as the EIB's Environmental and Social Standards.

The promoter has been assessed by the EIB as investing both in private and public sectors. For projects subject to EU public procurement legislation, the Bank will require the promoter to take all requisite measures to ensure that contracts for implementation of the projects financed by the fund will be tendered in accordance with the applicable EU procurement legislation Directive 2014/23/EU, 2014/24/EU or 2014/25/EU, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

Milestone
Under appraisal
Approved
Signed
19 December 2022
12 October 2023
Related projects
Link to source
Other links

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) - CANADIAN SOLAR VEHICLE
Publication Date
28 Oct 2023
Document language
Main Topic
Lending
Document Number
141301031
Document Focus
Environmental Information
Project Number
20200737
Sector(s)
Regions
Countries
Publicly available
Download now

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