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    Reference: 20200581
    Release date: 3 June 2021

    Promoter – Financial Intermediary

    FINARVEDI SPA

    Location

    Description

    The project comprises the Promoter's research, development and innovation (RDI) activities and a significant part of the Promoter's strategic investment programme over the next years in its two main manufacturing sites. It encompasses (i) RDI activities, (ii) new advanced manufacturing technology (AMT) downstream steel processing lines, (iii) various circular economy measures and (iv) renewable electricity generation in several of its manufacturing facilities. The project covers the years 2020 to 2023.

    Objectives

    The project will lead to an improved environmental footprint of the Promoter's steel manufacturing process and it will introduce new steel products with a low environmental footprint leading to material consumption reductions in downstream applications. This will be achieved through the implementation of new advanced manufacturing technology (AMT) equipment in downstream steel processing and various circular economy measures. Furthermore, the project covers RDI activities with a focus on the increased usage of scrap in the steel manufacturing process and investments in renewable electricity generation in several of its manufacturing facilities.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 110 million

    Total cost (Approximate amount)

    EUR 203 million

    Environmental aspects

    One component of the project falls under Annex II of the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EU and hence requires either an environmental impact assessment (EIA) or a screening decision from the competent authorities. All components are expected to be complaint with best available techniques (BAT). The RDI activities part of the project will be carried out in existing research and development (R&D) and steel manufacturing facilities of the Promoter. RDI activities are not mentioned in the EIA Directive and therefore, these activities are not expected to require an EIA. It will be assessed during due diligence if any other component of the project requires an EIA or a screening decision in accordance with the directive. All environmental aspects will be appraised in detail during due diligence.

    Procurement

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation, then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Status

    Signed - 20/05/2021

    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

    Italy Industry