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    Signature(s)

    Amount
    € 40,000,000
    Countries
    Sector(s)
    Spain : € 40,000,000
    Transport : € 40,000,000
    Signature date(s)
    13/12/2022 : € 40,000,000
    Link to source
    Data sheet

    Summary sheet

    Release date
    10 May 2022
    Status
    Reference
    Signed | 13/12/2022
    20200784
    Project name
    Promoter - financial intermediary
    CABIFY (FM)
    CABIFY INC
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 40 million
    EUR 82 million
    Location
    Sector(s)
    Description
    Objectives

    The project concerns the deployment of 1,400 electric vehicles (EVs) for the company's ride hailing operations in Spain, and associated EV charging (EVC) and digital infrastructure.

    The project contributes to EU objectives of phasing out conventionally fuelled cars in urban transport, modal shift to more sustainable modes to reduce congestion and pollution in cities and the implementation of EU legislation on air quality (Directive 2008/50/EC) by reducing urban transport-related air pollution. The project supports Sustainable Development Goals (SDGs), particularly SDG 13 "Climate Action," SDG 11 "Sustainable cities and communities" and SDG 3 "Good health and well-being." By enabling the provision of electric mobility to travellers, the project also contributes to mobilising investment in electric vehicle (EV) industries and EV charging (EVC) infrastructure, thus improving the supply of electric mobility in the urban context.

    Additionality and Impact

    The project concerns the deployment of electric vehicles (EVs) to be used in ride hailing services in Spain. In line with EU and EIB objectives of sustainable transport and digitalisation of transport, the project helps to mitigate market failures in urban transport by financing an EV ride hailing scheme, which generates environmental and transport efficiency benefits as well as wider benefits in commercialization of EV shared mobility in Europe. The most important economic benefits of the project are: (i) contributing to decarbonisation in transport therefore reduced emissions and improved air quality in cities, (ii) improved fleet operations, and (iii) better informed users, modal shift and reduced car dependency. The EIB's involvement provides additional financial flexibility and unlocks long term funding for the implementation of this electrification project.

    Environmental aspects
    Procurement

    The project has a significant positive social and environmental impact. No significant negative environmental impact is expected (no environmental impact assessment (EIA) is required as project components do not fall under Annex I or II of EIA Directive). By facilitating electric mobility, the project has significant environmental benefits in terms of positive externalities, including the reduction of emissions of CO2, NOx and particulate matter (PM). No negative social impact is expected.

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Link to source
    Summary sheet

    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) - CABIFY (FM)
    Publication Date
    8 Jun 2022
    Document language
    Main Topic
    Lending
    Document Number
    143924876
    Document Focus
    Environmental Information
    Project Number
    20200784
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

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