7 March 2022
Promoter – Financial Intermediary
CAPEX ADVISORS OY
The project will support future investment in new school and daycare (pre-primary schools and kindergartens) infrastructure in municipalities across Finland. The project relates to the financing, design, construction and maintenance of new schools and daycare premises in Finnish municipalities, using the lifecycle project finance model.
By contributing to the modernisation and adaptation of school infrastructure in both early childhood education and care and basic education, the project aims to improve the quality of education in Finland and a better allocation of resources in the education sector. A good level of education and a good quality of education accessible to all are essential for the economic, social and intellectual development of a country. Given the economic and social consequences of the global health crisis, the role of education is even more important in improving the living conditions and economic and social opportunities of young populations.
The project is in line with national and local priorities in education. Following the new national curriculum introduced in 2016, Finland has been undergoing one of the most ambitious school redesign projects in Europe, exchanging traditional walled-in classrooms and rows of desks for more flexible and informal open-plan layouts. The project is also fully aligned with EU priorities and objectives. Additionally, the project is expected to improve the energy efficiency of Finland's education estate by providing more efficient new educational facilities and by renovating existing ones.
The project is therefore eligible under Article 309 point (c) common interest (Innovation, Digital & Human Capital: education and training), and partially point (c) projects of common interest (Climate Action and Environmental Sustainability).
Proposed EIB finance (Approximate amount)
EUR 80 million
Total cost (Approximate amount)
EUR 202 million
The project covers education facilities of a kind, which are not specifically mentioned in the EIA Directive 2014/52/EU amending the Directive 2011/92/EU, though the project is covered by Annex II of the Directive in relation to urban development. The Bank's services will verify during the allocation stage whether an environmental impact assessment (EIA) is required by the competent authority.
The project will contain new construction of public buildings; therefore, compliance with directive 2010/32/EU on the energy performance in buildings will be verified during the appraisal.
The Bank will require the Promoter to ensure that contracts for implementation of the project have been and/or will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/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.
Approved - 15/12/2021