P3 ROOFTOP SOLAR PV GREEN LOAN

The project will finance the roll-out of roof photovoltaic installations in the promoter's logistic centres across various EU countries.

The rooftop installations will produce electricity from low carbon sources (solar PV), contributing to the reduction of carbon emissions and air pollution compared to fossil-fuel generation. The project increases the renewable energy generation capacity across nine EU countries and thus supports the EIB's priority objectives for energy sector lending related to renewable energy sources, as well as national and EU 2030 climate objectives.

The project supports the Bank's renewable energy, energy efficiency and climate objectives. The schemes will produce electricity from low-carbon sources (rooftop solar PV) and thereby contribute to the EIB's priority of supporting transition to a low carbon, environmentally friendly and climate-resilient economy.

Low carbon power projects reduce carbon and air pollution externalities. Therefore, the project contributes to national 2030 decarbonisation goals, to the REPowerEU programme, and to the Bank's lending priority objectives on Energy (Renewable Energy) and energy efficiency, as well as on climate action and environmental sustainability (transversal). The RE schemes will benefit from market-based instruments and will thereby contribute to the policy objective to support the market integration of renewable energy projects. The operation is therefore eligible under Article 309 (c) common interest in energy (renewable energy) and environment (tackling climate change).

Based on the pipeline provided, c. 12% of the project investment cost is expected to be located in cohesion priority regions and thus eligible under Article 309 (a).

The project is expected to generate social benefits by generating clean and renewable power at a cost well below the fossil fuel-based alternatives. Long tenor and flexible financing conditions (drawdown and repayment flexibility) provided by the Bank will help the Promoter to achieve the investment objectives. The EIB loan will also contribute to diversification of sources of funding and is expected to have signalling and crowding-in effect.

Some of the project schemes may fall under Annex II of Directive 2014/52/EU amending the environmental impact assessment (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 impacts that can typically be expected from some schemes relate to visual impact, electromagnetic fields, noise nuisance, and disturbance during construction. The appraisal will focus on impacts of the project and the related mitigants, as well as on the promoter's capacity to implement the programme in line with EIB environmental and social standards and requirements.

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the European Commission will be duly informed and this would require the promoter to apply those rules.