BRUSSELS WATER & SEWAGE NETWORKS (VIVAQUA)

Promoter – Financial Intermediary

VIVAQUA

Location

• Belgium

Description

The project will support the 2023-2027 investment programme of Vivaqua, a public utility in charge of the drinking water production & distribution, sewage networks and flood protection in the Brussels Region.

Additionality and Impact

The project is in line with EU and EIB policy objectives of environmental protection and climate action, and will generate positive externalities in the form of environmental and health benefits. These benefits would not be realised to the same extent without public intervention.

Financially, the operation will ensure that Vivaqua has access to sufficient and stable financial resources for the timely implementation of the project. The contribution of the EIB relies mainly on the financing conditions that go beyond what is usually available on the Belgian market. In addition, the presence of the Bank is a strong signal of the relevance of this project. Finally, EIB´s financing contribution will underpin the investment grade profile of Vivaqua, acting as a catalyst for crowding in other possible financiers.

Objectives

The project concerns the rehabilitation and replacement of Brussels area's wastewater collection system. It will allow Vivaqua to maintain or improve the reliability and quality standards of waste and storm water collection. The project is in line with the EIB's water sector lending policy and climate action strategy.

Comments

This will be the third EIB operation in support of Brussels' sewer rehabilitation programme since 2010.

Sector(s)

• Water, sewerage - Water supply; sewerage, waste management and remediation activities

Proposed EIB finance (Approximate amount)

EUR 335 million

Total cost (Approximate amount)

EUR 670 million

Environmental aspects

The project will allow Vivaqua to maintain compliance with the Urban Wastewater Treatment Directive 91/271/EC and Water Framework Directive 2000/60/EC. Some of the construction schemes included in the project might fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU (amending the EIA Directive 2011/92/EU). EIA procedures are carried out where required by the competent authorities and mitigating measures are applied as appropriate. Where appropriate, the requirements of the Habitats and Birds Directives (92/43/EEC and 2009/147/EC) are applied. The EIB's appraisal will focus on the promoter's environmental management capacity to properly apply these EU Directives.

Procurement

The EIB will require the promoter to ensure that contracts for the implementation of the project 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 EU Official Journal, as and where required.

Status

Signed - 20/12/2023