HELSINKI URBAN DEVELOPMENT

Promoter – Financial Intermediary

CITY OF HELSINKI

Location

• Finland

Description

Regeneration of former port and harbour areas into central mixed-use urban neighbourhoods for residential and business purposes.

Objectives

Redevelopment of urban areas to create mixed-use, energy efficient neighbourhoods for growing population and expanding companies and businesses. The project will comprise the reorganisation, improvement, upgrading and extension of municipal infrastructure and facilities. The sub-projects will form part of the city’s integrated development plans for the respective neighbourhoods.

Sector(s)

• Urban development

Proposed EIB finance (Approximate amount)

EUR 125 million

Total cost (Approximate amount)

EUR 250 million

Environmental aspects

The selected sub-projects will be based on comprehensive urban regeneration and development strategies and plans. The question of the project (i) falling within a plan or a programme requiring a Strategic Environmental Assessment (SEA) in line with the EU Directive 2001/42/EC and/or (ii) falling under the Environmental Impact Assessment Directive 2011/92/EU will be further examined during appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings (recast) 2010/31/EU will also be further assessed during project appraisal.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir 2004/18/EEC/ or 2004/17/EEC and Dir. 2007/66/EC), with publication of tender notices in the EU Official Journal, as and where appropriate.

Status

Signed - 25/02/2013