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    Signature(s)

    Amount
    € 300,000,000
    Countries
    Sector(s)
    Italy : € 300,000,000
    Energy : € 300,000,000
    Signature date(s)
    28/06/2021 : € 300,000,000

    Summary sheet

    Release date
    2 March 2021
    Status
    Reference
    Signed | 28/06/2021
    20200754
    Project name
    Promoter - financial intermediary
    E-GRID ELECTRICITY NETWORK UPGRADE
    E-DISTRIBUZIONE SPA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 600 million
    EUR 1287 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The investment programme to be financed by the Bank comprises schemes for the reinforcement, refurbishment and modernisation of the Promoter's distribution network in Italy during the period 2020-2024.

    The investment programme to be financed by the Bank comprises schemes for the reinforcement, refurbishment and modernisation of the Promoter's distribution network across Italy. The investment programme includes (a) new and extension of existing high to medium voltage substations as well as new overhead lines, up to 150 kV, (b) rehabilitation of underground medium voltage networks and substations and (c) remote control and automation investments.

    Additionality and Impact

    The Project fully supports national and EU policies on energy and climate, both by developing the infrastructure required to increase the share of renewables in electricity generation, and to make it more resilient to climate change. The investments tackle multiple market failures, in particular they increase the ability of the network to integrate more RES generation capacity and to make it more resilient to climate change. Most of the  investments, especially the ones for improving quality of service will benefit Cohesion regions. In line with the draft EU Taxonomy, electricity distribution infrastructure in the interconnected European System, being on a trajectory to decarbonisation, is considered eligible for climate change mitigation.The economic rate of return is excellent and significantly above the financial rate of return, resulting in an excellent "social benefit". The Promoter is an experienced operator of electricity distribution networks with a sound project implementation structure and a certified environmental management system. With the appropriate conditions in place (please see ESDS), the project is acceptable for financing in environmental and social terms.
    The EIB support to this operation is expected to provide a tangible value added, contributing to accelerate the implementation of the underlying schemes, by means of competitive cost of funding, maturity, and disbursement mechanics. The proposed loan structure includes an innovative pricing adjustment mechanics linked to the borrower's achievement of pre-defined sustainable development KPIs. Similar structures may be implemented with other counterparts in other geographies, as a tool to deliver on the EIB climate roadmap.

    Environmental aspects
    Procurement

    Some of the programme schemes may fall under Annex II of Directive 2014/52/EU amending the EIA Directive 2011/92/EU, thus requiring a review by the competent authorities at the planning/consent stage with due regard to the necessity for an environmental impact assessment (EIA). The impacts that can typically be expected from some schemes relate to visual impact, vegetation clearance, collision and electrocution of flying vertebrates, electromagnetic fields, noise nuisance, and disturbance during construction. The appraisal will focus on the Promoter's capacity to implement the programme in line with EIB Environmental and Social Standards and Requirements.

    The Bank will require the Promoter to ensure that contracts for the implementation of the schemes have been and will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/25/EU where applicable, as well as Directive 92/13/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.

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - E-GRID ELECTRICITY NETWORK UPGRADE
    Publication Date
    30 Apr 2021
    Document language
    Main Topic
    Lending
    Document Number
    136128362
    Document Focus
    Environmental Information
    Project Number
    20200754
    Sector(s)
    Regions
    Countries
    Publicly available
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