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Signature(s)

Amount
€ 100,000,000
Countries
Sector(s)
Spain : € 10,400,000
Italy : € 89,600,000
Energy : € 100,000,000
Signature date(s)
19/07/2023 : € 10,400,000
19/07/2023 : € 89,600,000
Link to source

Summary sheet

Release date
26 May 2023
Status
Reference
Signed | 19/07/2023
20220995
Project name
Promoter - financial intermediary
ENEL DIGITAL & EV RDI
ENEL X WAY SRL
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 100 million
EUR 231 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The project includes the promoter's investments in innovative technologies for: (i) the development of software solutions, digital platforms, tools and services, supporting all different aspects of the vehicle charging process and customer charging experience; (ii) the development of hardware and firmware solutions for alternating current (AC) and direct current (DC) recharging products.

The project activities concern beyond-state-of-the-art technology development, classified at level 8 and below of the Technology Readiness Level (TRL) scale. The investments will be carried out at the promoter's research, development and innovation (RDI) premises, primarily in Italy and to a lesser extent in Spain.

Additionality and Impact

The Project will contribute to develop innovative hardware, software and digital technology solutions supporting the deployment and adoption of electromobility by private customers, corporates and public sector. It will in general help lowering the existing barriers for a wider adoption of electromobility. It is expected to contribute to further knowledge creation and diffusion, to the transformation of the automotive and transport industry in the direction of electrification and increased sustainability and will directly and indirectly contribute to preserving and scaling up R&D employment and contribute to economic growth in Europe.


Such investments contribute to the Bank's "Innovation, Digital and Human Capital" and to EIB "Climate Action and Environmental Sustainability" policy objectives. A small part of them contribute to the EU's economic, social and territorial "Cohesion" policy objective. The EIB financing supports the Promoter's investments addressing market failures and gaps associated with (i) imperfect competition and incomplete markets for innovative and still market-entry-stage vehicle electrification technologies, and those addressed by (ii) projects with positive knowledge and environmental externalities generation.

 

The Promoter's experienced management and project implementation capabilities, its focus on innovation and sustainability, its technology edge and in-house capabilities will help implement a sound and sustainable Project, integrating positive environmental and social dimensions, it will contribute to address and mitigate market failures, and through its additionality, it will contribute to the Bank's policy objectives.


The EIB financing provides substantial financial advantage as well as higher flexibility compared to alternative sources of funding. This is reflected by loan tenor, grace and disbursement periods being beyond those normally available in the market.


The EIB commitment for a relatively long tenor will send a positive signal to the market regarding the soundness of the ENEL's long-term strategy and its commitment to electric mobility as an integral part of its operations.


The Bank's technical contribution and advice is primarily explained by the guidance provided to align the Project scope with policy objectives at Project origination.

Environmental aspects
Procurement

Besides the development of software solutions, the project does not include the deployment of infrastructure for electric vehicles (EV )charging stations. Therefore, the project does not fall under the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU. Where and if applicable, the requirements of Directive 2011/92/EU (as amended by Directive 2014/52/EU), will be verified during appraisal. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation.

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 Bank would duly inform the Commission Services and would require the promoter to apply those rules.

Milestone
Under appraisal
Approved
Signed
9 June 2023
19 July 2023
Link to source
Summary sheet
Other links

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) - ENEL DIGITAL & EV RDI
Publication Date
13 Jun 2023
Document language
Main Topic
Lending
Document Number
168002831
Document Focus
Environmental Information
Project Number
20220995
Sector(s)
Regions
Countries
Publicly available
Download now
Other links

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.
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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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