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    Signature(s)

    Amount
    € 1,200,000,000
    Countries
    Sector(s)
    Spain : € 400,000,000
    France : € 800,000,000
    Energy : € 1,200,000,000
    Signature date(s)
    13/06/2025 : € 400,000,000
    13/06/2025 : € 800,000,000

    Summary sheet

    Release date
    19 June 2025
    Status
    Reference
    Signed | 13/06/2025
    20230373
    Project name
    Promoter - financial intermediary
    BAY OF BISCAY INTERCONNECTION - PCI
    INELFE
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 1600 million
    EUR 3129 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The project concerns the implementation of a High-Voltage Direct Current (HVDC) link interconnecting France and Spain across the Biscay Bay. The project will have a rated capacity of 2000 MW, DC voltage of 400 kV and a total route length of circa 390 km.

    The project will expand the electricity interconnection between Spain and France, thereby improving the integration of the EU electricity market and the operation of renewable power generation in both countries, and more widely between the Iberian Peninsula and the rest of Europe.

    Additionality and Impact

    The Project will increase the interconnection capacity between France and Spain, and more widely, between the Iberian Peninsula and the rest of Continental Europe. The Project is an EU Project of Common Interest, which will allow better optimisation of renewable generation dispatch, and help strengthen the EU internal energy market. It will also help Spain's progress towards the EU's interconnection target for all Member States of at least 15% of installed production capacity by 2030.

    The Project supports the EIB priority policies on Securing the enabling infrastructure and Climate Action and contributes to achieving the national and EU long-term energy and climate goals.

    The Project will allow aligning market prices and reducing cross-border congestion between Spain and France. The Project is expected to return excellent economic and social benefits. The capacity of the Promoters to implement and operate the Project is good. Subject to proper mitigations and compensations of the negative environmental and social impacts, the Project is acceptable in environmental and social terms. The employment impact of the Project is rated Good, according to the Bank's methodology.

    The Borrowers attach great value to EIB financing as a mean to diversify their funding sources and lengthen the average maturity of their debt. The Borrowers consider EIB funds well suited to the Project, as the long tenor of EIB financing better match the assets' economic life and payback periods.

    Environmental aspects
    Procurement

    Environmental impact Assessments (EIA) have been carried out for the project in both France and Spain in accordance with applicable legislation in line with the EU EIA directive. Measures to avoid, reduce, mitigate and remedy environmental and social impacts have been identified and will be implemented as necessary.

    The Bank will require the promoter to ensure that contracts for implementation of the project have been tendered in accordance with the applicable EU procurement legislation with publication of tender notices in the EU Official Journal, as and where required.

    Comments

    The project is designated as a Project of Common Interest by the EU and has been awarded a grant for works and studies under the EU CEF programme.

    Milestone
    Under appraisal
    Approved
    Signed
    11 December 2024
    13 June 2025

    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 Impact Assessment (ESIA) - BAY OF BISCAY INTERCONNECTION - PCI - Etude d'Impact
    Publication Date
    19 Jun 2025
    Document language
    Main Topic
    Lending
    Document Number
    248008034
    Document Focus
    Environmental Information
    Project Number
    20230373
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - BAY OF BISCAY INTERCONNECTION - PCI - Estudio de Impacto Ambiental
    Publication Date
    20 Jun 2025
    Document language
    Main Topic
    Lending
    Document Number
    233486914
    Document Focus
    Environmental Information
    Project Number
    20230373
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Data Sheet (ESDS) - BAY OF BISCAY INTERCONNECTION - PCI
    Publication Date
    20 Jun 2025
    Document language
    Main Topic
    Lending
    Document Number
    233335704
    Document Focus
    Environmental Information
    Project Number
    20230373
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

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