Release date: 13 October 2015
Promoter – Financial IntermediaryBANCO SANTANDER SA
Framework loan dedicated to finance energy-efficiency schemes in hotels in Spain, as part of the Private Finance for Energy Efficiency (PF4EE) programme.
The project targets the financing of energy efficiency and small renewable energy investments mainly in existing hotels and, to a lesser extent, in other buildings for tourist accommodation, all located in Spain. The investments involve a variety of measures such as improvements to the building envelope, heating and cooling systems, energy-efficient lighting, energy-management systems, solar heaters, etc.
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
EUR 67 million
This operation intends to bring environmental benefits by supporting projects that reduce energy consumption and help to mitigate climate change. The individual schemes to be financed are likely to be small and are expected to have a very limited negative environmental impact. Given the scale, location and nature of the sub-projects, an environmental impact assessment (EIA), as defined in the EIA Directive (2011/92/EU), is not expected to be required.
The Bank will assess the capacity and procedures of the financial intermediary to ensure compliance with national and European environmental and biodiversity regulations of the individual schemes, as well as its capacity to support the Bank's public disclosure policy, which aims at facilitating access by the public to environmentally relevant information.
The promoters of the underlying sub-projects are private companies not operating in the utilities sector and not having the status of a contracting entity, and thus are not subject to EU rules on public procurement. However, if after the project appraisal, the EIB were to conclude that a sub-scheme is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the Bank would require the financial intermediary to ensure that contracts for the implementation of the sub-project have been/will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC and Directive 92/13/EEC), with publication of tender notices in the EU Official Journal, as and where required.
Signed - 26/11/2015
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).