Release date: 15 July 2008
Promoter – Financial Intermediary
Banco Guipuzcoano SALocation
Description
The operation is intended to support the implementation of medium-sized and grid-connected photovoltaic plants. The installations will be geographically dispersed all over Spain, partly in convergence regions.
Objectives
The global loan will be dedicated to investments in photovoltaic energy production and thus corresponds to the Bank’s priority accorded to renewable energies. The development of renewable energy capacity, using indigenous sources of energy, will support national and European targets for renewable energy generation and contribute to environmental and security of energy supply objectives. Electricity generation from photovoltaic sources will displace fossil fuel-fired generation and the associated emissions of CO2, NOX and SO2. The project would be fully consistent with the reinforced EIB contribution for a clean energy for Europe as endorsed by the European Council in 2007. It also falls under the scope of the Bank’s Climate Change Financing Facility for supporting investments that reduce greenhouse gas emissions.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 200 million
Total cost (Approximate amount)
Estimated to be around EUR 400 million
Environmental aspects
According to the technical characteristics, the sub-projects do not fall under the EIA-Directive. National regulations in Spain may require an EIA, subject to the plants location and the network connection. All sub-projects to be financed under this global loan will be required to comply with relevant national and EU environmental legislation.
Procurement
Neither the borrower nor the special purpose companies appear to be subject to EU Procurement Directives. In line with its principles and its statute, the Bank will however require the borrower to endeavour to ensure that suitable procurement procedures, including an appropriate selection of works, goods and services offered at competitive prices will be applied by the promoter and/or the special purpose companies.
Status
Signed - 23/10/2008