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Signature(s)

Amount
€ 46,000,000
Countries
Sector(s)
Spain : € 46,000,000
Industry : € 46,000,000
Signature date(s)
14/12/2023 : € 46,000,000
Link to source

Summary sheet

Release date
8 September 2023
Status
Reference
Signed | 14/12/2023
20230536
Project name
Promoter - financial intermediary
INGETEAM ENERGY CONVERSION RDI
INGETEAM SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 46 million
EUR 92 million
Location
Sector(s)
Description
Objectives

The project consists of the Promoter's planned activities in Research, Development and Innovation (RDI) for the period 2023-2024 aiming at maturing technologies and developing new products in the field of: (i) electrical machines, (ii) low- and medium-voltage power electronics, (iii) automation, control, and protection solutions, (iv) submersible hydraulic machines, as well as (v) development of product and analysis technologies for maintenance services carried out in Spain over the period 2023-24.

The project concerns the Promoter's investments in Research, Development, and Innovation (RDI) in the filed electronics for renewable power generation, electrical storage, smart grids, green hydrogen, power transmission and electromobility, carried out primarily in the Promoter's R&D centre located in the technology park of Zamudio (Bilbao, Spain) over the period 2023-2024. The project aims at developing solutions to support the energy transition for a more sustainable energy generation, transmission, distribution and consumption.

Additionality and Impact

The Project is in line with the Research, Development, and Innovation (RDI) objective of InvestEU. The relevant investments will be in the field of technologies for energy generation from renewable sources, electrical storage, smart grids, power transmission and electronics that are in line with the Bank's IDHC (Innovation, Digital and Human Capital) public policy goal. It supports RDI activities that generate significant positive knowledge, technology, and environmental externalities, through the creation of innovative products as well as services and skills development and upgrading. The Project is therefore eligible under Article 309 point (c) Common interest and a minor part of it under Article 309, point (a) Projects for developing less-developed regions. Part of the Project contributes to the Bank's Climate Action and Environmental Sustainability (CA&ES) cross-cutting objective. 

The financing addresses market failures of imperfect competition, as it contributes to expanding the competitive space for new product technologies, and the failure in financial markets for RDI, arising from higher cost of financing due to the inherent uncertainty of the RDI outcomes.


The Promoter's RDI investments are essential to strengthen its long-term competitiveness, by ensuring the development and market introduction of an innovative range of new products and solutions, thus creating the conditions for a long-term growth of revenues and profitability. The Promoter is expected to implement a sound and sustainable Project thanks to its proven operational capacity.


The EIB loan will enhance credit conditions for Ingeteam with a flexible, long-term financing solution and will provide a strong signalling effect on the quality of the Project, facilitating the participation of other financiers. The Bank is expected to provide the Company with a longer maturity than that available in the market.


The Project in its proposed scope could not have been carried out (or not to the same extent) without InvestEU support.

Environmental aspects
Procurement

The project consists of RDI activities that are not listed in any of the Annexes of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by the Directive 2014/52/EU. The environmental details will be verified during the project appraisal.

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
24 November 2023
14 December 2023
Related projects
Link to source
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) - INGETEAM ENERGY CONVERSION RDI
Publication Date
29 Nov 2023
Document language
Main Topic
Lending
Document Number
181471243
Document Focus
Environmental Information
Project Number
20230536
Sector(s)
Regions
Countries
Publicly available
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