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    Summary sheet

    Release date
    30 June 2021
    Status
    Reference
    Under appraisal | 07/06/2021
    20200847
    Project name
    Promoter - financial intermediary
    GREEN TIE DEVELOPER FINANCE
    THE GREEN TIE SL
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 60 million
    EUR 500 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    Quasi-equity investment into a pipeline of greenfield solar projects in Spain.

    The proposed loan will finance a holding company, expected to be incorporated in Spain, with an exclusivity right to develop a portfolio of solar photovoltaic (PV) projects in Spain with an expected overall capacity of 1 GW.

    Environmental aspects
    Procurement

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

    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 after the project appraisal, the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation (Directive 2014/23/EU / 2014/24/EU 2014/25/E), where applicable, then the Bank would require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU /2014/24/EU / 2014/25/EU) where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the 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).

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    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.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    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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