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The project we finance the construction and operations of 300MW of battery storage assets in the Netherlands.
Battery storage has a key role in the transition towards a carbon-neutral economy and it addresses principles in the Clean Energy for all Europeans package and in particular the Electricity Directive (EU) 2019/944 on common rules for the internal market for electricity. By balancing power systems, battery storage enables the integration of more renewable energy sources into electricity systems, while improving the functioning of the internal energy market and helps enhance European energy security. In line with the EU Taxonomy, battery storage contributes towards climate change mitigation. This project will substantially contribute to achieve the objectives of the EIB's energy lending policy as well as the transversal objectives on Climate Action and Environmental Sustainability. The project is therefore eligible under Article 309 of the Treaty on the Functioning of the EU, point (c) common interest.
Through this project, the EIB will support increased flexibility of the power system, thereby ensuring security of supply which has public goods attributes, and facilitating the integration of increasing share of renewables, thereby contributing to reduce the CO2 externality from the power sector.
The battery storage project is supporting the EU policy regarding battery storage as defined in the Clean Energy for All Package and the Electricity Directive (2019/944), as well as targets of the National Energy and Climate Plan. In line with the EU Taxonomy, battery storage is considered providing a substantial contribution to climate change mitigation. The financing of this programme is providing a high contribution to the objectives of the Bank's energy lending policy as well as the transversal objectives on Climate Action, Environmental Sustainability and Social and Economic Cohesion.
The project will support further deployment of renewables and will replace fossil fuel generation at peak demand times. The programme is expected to deliver excellent economic benefits.
The structure of the Bank's loan(s) will mirror the underlying direct tranche structure of the commercial lenders and is expected to provide financial advantage and increased lending capacity to the commercial bank market. GIGA has a pipeline of BESS projects and the fact that this operation will allow some of the lenders to free up some capital to participate in new operations. Ultimately this is expected to benefit future pipeline of projects crowding in of private financing for this important sector.
The project (including batteries systems and associated infrastructures) may fall under the Annex II of the EIA Directive. The requirements of the applicable environmental legislation, mainly Environmental Impact Assessment Directive (EIA)2011/92/EU (as amended by Directive 2014/52/EU), Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be verified during 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 European Commission will be duly informed, which will require the promoter to apply those rules. Information on awarded main suppliers/contractors for the implementation of the envisaged operation is not available.