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    Signature(s)

    Amount
    € 50,000,000
    Countries
    Sector(s)
    Italy : € 50,000,000
    Water, sewerage : € 50,000,000
    Signature date(s)
    27/07/2022 : € 50,000,000
    Link to source

    Summary sheet

    Release date
    4 April 2022
    Status
    Reference
    Signed | 27/07/2022
    20210683
    Project name
    Promoter - financial intermediary
    VERITAS WASTEWATER INVESTMENTS
    VENEZIANA ENERGIA RISORSE IDRICHE TERRITORIO AMBIENTE SERVIZI - VERITAS SPA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 50 million
    EUR 100 million
    Location
    Sector(s)
    • Water, sewerage - Water supply; sewerage, waste management and remediation activities
    Description
    Objectives

    Wastewater investment programme of Veritas Spa over the 2022-2025 period.

    The project aims to support investments in wastewater infrastructure in order to improve the coverage, quality and resilience of integrated water services in the Veneto Region. The underlying investments will bring operational efficiency improvements (e.g. increased energy efficiency), better resilience to extreme weather events and generate substantial social benefits by improving the environment and public health in the Province as well as increasing employment opportunities.

    Additionality and Impact

    The project will ensure continued compliance with key European regulations in the water sector, and improve the quality and resilience of wastewater services. Investments will contribute to the Bank's policy objectives of Sustainable Energy and Natural Resources as well as Climate Action and Environmental Sustainability. The project will address a number of market failures through positive externalities in the form of environmental and public health benefits, notably improved quality of recipient waters, reduced emissions of greenhouse gases from wastewater and stronger resilience towards extreme weather events. By avoiding water quality degradation the project will contribute to maintain the attractiveness of Venice metropolitan area as a major tourism destination. These benefits are not reflected in market prices and would not be realised to the same extent without public intervention. The EIB financing will allow the Borrower to lengthen the tenor of its debt, benefit from financial flexibility in the disbursement, and to contain its cost of funding at the same time. In addition, the EIB presence is expected to foster confidence of its existing/potential lenders and bond investors, the Bank's loan being unsecured.


    Environmental aspects
    Procurement

    The investments are expected to have positive net environmental and social impacts, considering their focus on compliance with, amongst others, the Urban Waste Water Treatment Directive 91/271/EC, the Water Framework Directive 2000/60/EC, and their contributions to resource efficiency from efficiency improvements. Where and if applicable, the requirements of the Environmental Impact Assessment Directive 2014/52/EU amending the Directive 2011/92/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be verified during appraisal.

    The Bank will require the Promoter to ensure that contracts for implementation of the project have been or will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/23/EU where applicable and/or 2014/24/EU where applicable and/or 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.

    Link to source

    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) - VERITAS WASTEWATER INVESTMENTS
    Publication Date
    21 Jul 2022
    Document language
    Main Topic
    Lending
    Document Number
    155817829
    Document Focus
    Environmental Information
    Project Number
    20210683
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

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