NORDLB RENEWABLE ENERGY

Intermediated framework loan to finance renewable energy projects. End beneficiaries will be based in Poland, Denmark, Sweden and other EU countries.

The loan will support the development of renewable energy and energy efficiency projects in various countries in the European Union, primarily in Poland, Denmark and Sweden.

The project concerns the financing of a series of renewable energy generation plants, located in Poland, Denmark and potentially other EU countries. It addresses a number of market failures from contributing to the reduction in carbon and air pollution to improving energy markets efficiency and integration through participation in the wholesale markets. As such, the project serves the Bank's renewable energy and climate objectives, as well as national and EU climate targets. 

The implementation of renewable energy generation plants contributes to the EIB's priority of supporting the transition to a low-carbon, environmentally friendly and climate-resilient economy. By using an intermediated approach, the Bank will support the Financial Intermediary's sustainability strategy while also reaching smaller projects that may otherwise not have been reached. In addition to diversifying its financing sources, the EIB's long-term financing offers the Intermediary favourable conditions at a time when commercial bank long-term lending has become significantly more scarce, in the aftermath of the Covid-19 crisis. The Bank's involvement will provide the Financial Intermediary with a high level of flexibility in terms of drawdowns and currency, thereby facilitating the deployment of the facility. Through this innovative product, it is expected that the crowding in effects will amplify even further the EIB's impact and outreach.

The operation intends to generate environmental benefits by supporting sustainable energy infrastructure that help to mitigate climate change. The Bank will assess the capacity and procedures of the financial intermediary to ensure compliance with national and European environmental and biodiversity regulations.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.