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The project concerns investments to modernise, digitalise and reinforce Endesa's electricity distribution network throughout Spain during the 2025-2027 period.
The investment programme will include components aiming at digitalisation, automation and modernisation of the distribution network in order to increase security of supply, quality of service and climate change adaptation.
The Project helps fill the growing investment gap in European electricity grid infrastructure, which is needed to support the European Energy Transition, as identified, among others, in the EU Clean Industrial Deal, the EU Affordable Energy Action Plan, and the EU Grid Action Plan.
The Promoter's capital expenditure plan includes investments in electricity distribution. The Project will contribute to maintaining or increasing security of supply in the context of growing electricity demand, from heating and mobility, in particular, and growing integration of electricity production from renewable energy sources.
The Project is expected to contribute to Bank's lending priority objectives on Climate Action and Environmental Sustainability and it aligns with the REPowerEU objectives. The financing of the Project will contribute to the Bank's Energy Lending Policy themes on Securing the Enabling Infrastructure (energy networks).
The operation addresses a number of market failures, including increasing security of energy supply, and the integration of low-carbon generation, which reduces carbon emissions and air pollution, with positive climate and health externalities.
The Project is expected to deliver a very good economic and very good broader social benefits. The Promoter is experienced in works of this nature and has a sound project management system in place.
Promoter's capacity to implement the project is high and has been been proven in the previous operations.
The EIB's financing provides an additional source of funding to the Promoter, which is currently one of the major operators in the electricity distribution sector in Spain. The Bank's financial contribution is considered excellent and valuable to the client, as the EIB's offering more flexibility (availability period, length of the loan and grace period, flexibility of drawdowns) than market alternatives.
The EIB will require that projects financed under this operation comply with domestic and EU applicable legislation, as appropriate.
The EIB will require that projects financed under this operation comply with domestic and EU applicable legislation, where applicable.