Release date: 29 October 2012
Promoter – Financial Intermediary
WÄRTSILÄ CORPORATIONLocation
Description
The project concerns the promoter’s research, development and innovation (RDI) activities in four-stroke (medium speed) and two-stroke (low speed) engines for marine and power plant applications as well as in marine propulsion systems between 2013 and 2015.
Objectives
The main objectives of the project include improved efficiency, environmental performance, reliability, lifecycle costs and automation. The project is also expected to bring about positive environmental results and improved energy efficiency.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 150 million
Total cost (Approximate amount)
EUR 300 million
Environmental aspects
The project concerns investments in research and development and will be carried out in existing facilities, already authorised, that are expected no to change their scope due to the project; thus an Environmental Impact Assessment (EIA) would not be required by the EIA Directive 2011/92/EU. However, full environmental details will be assessed by the Bank’s services during the appraisal.
Procurement
The promoter is a private company operating in the manufacturing sector and not having a status of a contracting authority. Procurement is expected to be in line with EIB guidelines for private sector projects. The Bank’s services will verify details during the project’s due diligence.
Status
Signed - 13/06/2013
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).