ALTUM ENERGY EFFICIENCY PF4EE FL

Promoter – Financial Intermediary

ATTISTIBAS FINANSU INSTITUCIJA ALTUM AS

Location

• Latvia

Description

The project consists of a framework loan to ALTUM, the national promotional institution. The operation falls within the Private Finance for Energy Efficiency (PF4EE) instrument scope, a joint financial instrument with the European Commission to promote energy efficiency lending by financial institutions.

Objectives

The intermediated loan to ALTUM will finance energy efficiency projects promoted primarily by small and medium sized enterprises (SMEs) located in Latvia.

Sector(s)

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

Proposed EIB finance (Approximate amount)

EUR 18 million

Total cost (Approximate amount)

EUR 24 million

Environmental aspects

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 small and are expected to have very limited negative environmental impacts. Given the scale, location and nature of the sub-projects, an Environmental Impact Assessment (EIA), as defined under the EIA Directive 2011/92/EU, is normally not required. The Bank has assessed 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.

Procurement

The specific project pipelines proposed by the Financial Intermediary will be assessed by EIB. If the final beneficiaries are private companies not operating in the utilities sector and not having a status of a contracting entity, the projects will be considered as not being subject to EU rules on public procurement. However, if any underlying project is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the EIB would require the Financial Intermediary to ensure that contracts for the implementation of the 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.

Status

Signed - 18/12/2019