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    Reference: 20190139
    Release date: 19 June 2019

    Promoter – Financial Intermediary

    ACCEPTABLE CORPORATE(S)

    Location

    Description

    The project consists of a platform to develop and operate 218-megavolt (MW) solar projects in Spain.

    Objectives

    This project will enable the financing of a NewCo, the holding company owner of 100% of solar photovoltaic (SPV) projects under development. The NewCo will build and operate 22 solar photovoltaic projects with an aggregate capacity of 218MW in Spain. This NewCo will be funded with equity provided by im2 Energia Solar SL and a profit participating loan ("PPL") provided by the EIB.

    Sector(s)

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

    Proposed EIB finance (Approximate amount)

    EUR 26 million

    Total cost (Approximate amount)

    EUR 185 million

    Environmental aspects

    Details of the promoter's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and the EIB's Environmental and Social Standards as well as the capacity of the promoter to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. The promoter will be required to develop an environmental and social policy and establish the appropriate management systems to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the promoter will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB Environmental and Social Standards.

    Procurement

    The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions . However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (Directive 2014/23/EU / 2014/24/EU 2014/25/E), where applicable, then the Bank would require the promotor to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU /2014/24/EU / 2014/25/EU) where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the EU Official Journal, as and where required.

    Status

    Signed - 9/12/2019

    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

    Spain Energy