MADRID RAILWAY NODE CAPACITY EXPANSION FL

Promoter – Financial Intermediary

ADIF ALTA VELOCIDAD

Location

• Spain

Description

The project consists of an extension of capacity of the Madrid railway node to serve traffic growth in the coming years. In particular, the project comprises several schemes for capacity expansion of the two Madrid main stations, Atocha and Chamartin, and other measures with the aim of operating them as one hub with two terminals. The project is located on the Core Trans-European Transport Network (TEN-T) Atlantic and Mediterranean Corridors.

Additionality and Impact

The project will increase the capacity of the Madrid railway node and by this means allow the growth of traffic on the Spanish railway network. This will result in time savings, vehicle operating cost savings, transport safety benefits, and environmental benefits in terms of reduction of greenhouse gases and pollutants. The project is 100% eligible under Climate Action.

The EIB financial contribution will entail a long tenor, commensurate with the economic life of the assets financed, and long grace and availability periods, in line with the project´s implementation period. The EIB loan will complement Next Generation EU funds that the project will receive, given its relevant contribution to the economic recovery following the COVID-19 pandemic. The flexibility of drawdowns of EIB loan will allow optimising the blending of EIB financing with EU funds over time, contributing to project acceleration.

Objectives

The project will increase capacity of and reduce congestion in the Madrid railway node, and thereby allow the expected traffic growth in the high-speed lines converging in Madrid, as well as in the Madrid suburban railway lines.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 740 million

Total cost (Approximate amount)

EUR 1480 million

Environmental aspects

Some of the schemes included in the project fall under Annex I or II of the Environmental Impact Assessment Directive 2011/92/EU (as amended by Directive 2014/52/EU). The EIA, the screening decisions and the need for assessment according to the Habitants Directive 92/43/EEC will be analysed during the appraisal.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 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.

Status

Signed - 25/03/2022