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Signature(s)

Amount
€ 125,000,000
Countries
Sector(s)
Spain : € 125,000,000
Transport : € 6,250,000
Energy : € 25,000,000
Services : € 43,750,000
Industry : € 50,000,000
Signature date(s)
23/12/2022 : € 6,250,000
23/12/2022 : € 25,000,000
23/12/2022 : € 43,750,000
23/12/2022 : € 50,000,000
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Summary sheet

Release date
2 January 2023
Status
Reference
Signed | 23/12/2022
20210016
Project name
Promoter - financial intermediary
ICO MIDCAPS AND SUSTAINABLE LOAN
INSTITUTO DE CREDITO OFICIAL
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 125 million
not applicable
Location
Sector(s)
Description
Objectives

The multiple beneficiary intermediated loan (MBIL) will support the sustainability and climate action strategy of ICO, the Spanish National Promotional Bank, as well as the financing of Midcaps.

The loan will support the development of renewable energy projects in Spain, thus contribute to both national and EU's renewable energy targets.

Additionality and Impact

The operation targets on one hand Mid-caps and larger corporates affected by the economic impact of the COVID 19 pandemic and, on the other hand, it supports the EU's and Bank's priority in the energy sector and the EIB's climate action objectives through the implementation of small-scale renewable projects and energy efficiency projects in industry.


The operation targets to finance Midcaps affected by the COVID19 (70% of the operation). The remaining 30% of the operation (i.e. EUR 90m) will target investments in Climate Action initiatives. More specifically, small-scale renewable energy installations (mainly solar PV), manufacture of renewable energy equipment and energy efficiency in industry.


In addition to the reduction of carbon and air pollution externalities - a social benefit which is not fully internalised by private investors -, the project contributes to the policy objective to support the market integration of renewable energy projects and the RE self-consumers, as set out in the EIB's Energy Lending Policy. In addition, EE projects suffer from relatively high transaction costs due to their fragmentation and small size. The consequence is sub-optimal financing flows into EE investments. The EIB involvement in this project will help to correct this sub-optimal investment situation.

Environmental aspects
Procurement

The investments will generate environmental benefits in terms of reduction of air pollutants and greenhouse gas (GHG) emissions, ultimately helping to mitigate climate change. They are expected to have limited social and environmental impacts and any such impact is expected to be mitigated. The EIB will assess the capacity and procedures of the financial intermediary to ensure compliance with the national and European legislation.

The majority of the schemes are expected to be developed by private entities/promoters that are not subject to EU Procurement Directives. For those schemes where public procedures would apply, the financial intermediary will be required to confirm that procurement is carried out in line with the requirements for public sector projects under the relevant national and EU legislation.

Milestone
Under appraisal
Approved
Signed
8 December 2022
23 December 2022
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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).

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.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

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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