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    Reference: 20190736
    Release date: 25 March 2022

    Promoter – Financial Intermediary




    Acquisition of 10 electric trainsets to provide rail access services between Barcelona city centre and the airport.

    Additionality and Impact

    The project will double the current rail capacity and significantly improve the modal share of rail in the land access to the Barcelona Airport. This will result in less waiting times as well as vehicle operating cost savings, transport safety benefits, and environmental benefits. The project is 100% eligible under Climate Action.

    The express rail connection with the Barcelona airport "Josep Tarradellas" will make public transport more attractive and accelerate the modal shift from road to rail between the airport / city connection.

    The project incorporates innovative financial features, replacing a standard first-demand guarantee by means of a put option on the rolling stock, issued by the regional rail operator. This solution has not been explored before in this kind of operations. EIB financing has been customised in its availability and disbursement terms and this will facilitate the implementation of the Project. Additionally, EIB´s participation has attracted several private financiers at more attractive rates and tenor, with a greater risk appetite and willingness to accept novel guaranteeing scheme (the put option).


    The project is expected to double the current rail capacity and significantly improve the modal share of rail in the land access to the Barcelona Airport, thus contributing to sustainable transport in line with EU objectives. The project is therefore eligible under Article 309 point (c) common interest.


    Proposed EIB finance (Approximate amount)

    EUR 60 million

    Total cost (Approximate amount)

    EUR 153 million

    Environmental aspects

    The investments proposed under the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment 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 an environmental impact assessment (EIA) and/or assessment according to the Habitats Directive for associated facilities (e.g. maintenance workshops or depots) will be analysed during the appraisal. All else equal, the project is expected to have a positive environmental impact by improving the modal share of rail in the land access to the Barcelona Airport.


    The Bank will require the Promoter to ensure that contracts for implementation of the project have been tendered in accordance with the 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 publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 19/07/2022


    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).

    Related tags

    Spain Transport