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    Signature(s)

    Amount
    € 300,000,000
    Countries
    Sector(s)
    Italy : € 300,000,000
    Energy : € 300,000,000
    Signature date(s)
    13/07/2021 : € 300,000,000

    Summary sheet

    Release date
    3 March 2021
    Status
    Reference
    Signed | 13/07/2021
    20200826
    Project name
    Promoter - financial intermediary
    TERNA - NETWORK MODERNISATION AND DEVELOPMENT
    TERNA - RETE ELETTRICA NAZIONALE SPA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 300 million
    EUR 604 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, modernisation and development of the Promoter's electricity transmission network in Italy during the period 2020-2024. The project will increase security of supply and facilitate the integration of additional renewable energy generation capacity to the national transmission system.

    The project is a multi-component investment programme comprising schemes for the reinforcement, modernisation and development of the Promoter's electricity transmission network in Italy. The project will increase security of supply and facilitate the integration of additional renewable energy (RES) generation capacity to the national transmission system. The project includes, on top of classical transmission assets, other investments to increase the ability to accommodate RES generation capacity, in particular synchronous condenser to support the stabilisation of the network and increase operational efficiency.

    Additionality and Impact

    The Programme contributes to strengthening and making more efficient the transmission system, and allowing the integration of more renewable electricity generation capacity. The Programme tackles multiple market failures, namely security of supply, market integration, and negative carbon and air pollution externalities. The investments are planned across the country, with half in cohesion regions. The Programme supports the EIB priority policies on Competitive and Secure Energy, Cohesion Regions and Climate Action. The investments contribute to achieving the national and EU long-term energy and climate goals.
    The quality of the project is very good, underpinned by excellent economic profitability, over and beyond the financial profitability, and by a good governance profile.
    The EIB support to this operation is expected to contribute to accelerating the implementation of the underlying schemes, by lowering the associated cost of funding, by offering a maturity beyond the tenor usually offered by commercial banks, more flexible disbursement mechanics, and wider interest rates options, than those normally proposed by the market.

    Environmental aspects
    Procurement

    Some of the schemes may fall under Annex I or 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 environmental and biodiversity assessments. The potential impacts of the project include vegetation clearance, noise and disturbance during construction. Environmental impact studies will be carried out as applicable and mitigating and/or compensation measures will be applied as necessary. The environmental and social due diligence will focus on the Promoters' capacity to implement the programme in line with EIB environmental and social standards and requirements.

    The Promoter will have to ensure that contracts for the implementation of the project 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 and 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 according to the Italian Legislative Decree 50/2016.

    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 Impact Assessment (ESIA) - TERNA - NETWORK MODERNISATION AND DEVELOPMENT - Studio di Impatto Ambientale - Foiano-Ginestra
    Publication Date
    29 Apr 2021
    Document language
    Main Topic
    Lending
    Document Number
    141169374
    Document Focus
    Environmental Information
    Project Number
    20200826
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - TERNA - NETWORK MODERNISATION AND DEVELOPMENT - Link to EIA Report on the website of the Ministry of Environment
    Publication Date
    29 Apr 2021
    Document language
    Main Topic
    Lending
    Document Number
    141179641
    Document Focus
    Environmental Information
    Project Number
    20200826
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Data Sheet (ESDS) - TERNA - NETWORK MODERNISATION AND DEVELOPMENT
    Publication Date
    13 May 2021
    Document language
    Main Topic
    Lending
    Document Number
    135592186
    Document Focus
    Environmental Information
    Project Number
    20200826
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

    General enquiries and comments

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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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