RENFE FEVE ROLLING STOCK NORTHERN SPAIN

Promoter – Financial Intermediary

RENFE OPERADORA

Location

• Spain

Description

the project consists of the acquisition of 31 trainsets (26 electric and five hybrid) to replace ageing rolling stock in metric gauge rail network of Asturias, Cantabria and Vizcaya in Spain.

Objectives

The project supports the shift of traffic to more sustainable transport modes and reduces related negative transport externalities The project is expected to generate operating and maintenance costs savings. It should also improve the quality and comfort of the services, thus ensuring accessibility to rural areas in these regions. As one of the pillars of the plan for improvement of suburban services, fleet renewal will foster modal shift from road to rail (or at least maintain rail modal share) and therefore contribute to the reduction of accidents, pollution and noise levels especially within urban agglomerations, as well as CO2 emissions. The project will thus contribute to meeting the Bank's target for support to climate action. The project is eligible under Article 309 point (c) common interest. The project's compliance with the Lending Policy for Transport (Decision CA/452/11) is to be confirmed during the appraisal.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 201 million

Environmental aspects

The investment proposed under the project does not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU) as manufacturing and use of rail rolling stock is not included in either list. The need of EIA and/or assessment according to the Habitats Directive 92/43/EEC for associated facilities (e.g. maintenance workshops or depots), not included in the investment proposed but needed for the correct operation of the new rolling stock, will be analysed during the appraisal. Arrangements for the replacement or decommissioning of old rolling stock will be reviewed during appraisal. All else equal, the project is expected to have a positive environmental impact by contributing to modal shift from road to railways.

Procurement

The Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the European Union, as and where required.

Status

Signed - 30/07/2019