Reference: 20120159
Release date: 24 July 2012

Promoter – Financial Intermediary

Government of the Territory of French Polynesia

Location

Description

Investment loan to the Government of the Overseas Territory French Polynesia with a maturity of up to 15 years for the implementation of a new seawater air-conditioning system (SWAC) for the Centre Hospitalier de Polynésie Française (CHPF) to reduce high-cost electricity consumption and emissions of greenhouse gases. The investment loan will be provided to the Government of French Polynesia for onlending to the Centre Hospitalier de la Polynésie Française.

Objectives

The project will contribute to realising French Polynesia's objectives of increasing the share of renewable energy to 50% in 2020, and 100% in 2030. While air-conditioning represents 40% of electricity consumption in French Polynesia, the Centre Hospitalier de Polynésie Française consumes 50% of its electricity for operating its air-conditioning system. Through a considerable reduction of its operating cost by decreased electricity expenses, the project will contribute to safeguarding the provision of sustainable health and hospital services.

Comments

This operation is proposed as a co-financing agreement with Agence Française de Développement (AFD) and other co-financiers under the Mutual Reliance Initiate. It is agreed that AFD shall act as Lead Financier for the purposes of the Operational Guidelines.

Sector(s)

  • Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 8 million

Total cost (Approximate amount)

EUR 25 million

Environmental aspects

The project falls under the EIA Act 2003 requiring a full Environmental Impact Assessment. It is assumed that the project will not have significant negative environmental impacts. It is rather anticipated that the overall impact on the environment is beneficial in the sense that it will result in reducing emissions from substituted thermal power generation. These assumptions are expected to be confirmed by the EIA process that has just been initiated under the management of AFD.

Procurement

The procurement of the project will be managed by AFD, Lead Financier under this MRI operation. AFD will require the promoter to ensure that implementation of the project will be done in accordance with AFD's own procurement rules and the Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.

Status

Signed - 28/12/2012

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Related tags

French Polynesia Energy