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    Reference: 20210016
    Release date: 2 January 2023

    Promoter – Financial Intermediary




    The multiple beneficiary intermediated loan (MBIL) will support the sustainability and climate action strategy of ICO, the Spanish National Promotional Bank, as well as the financing of Midcaps.

    Additionality and Impact

    The operation targets on one hand Mid-caps and larger corporates affected by the economic impact of the COVID 19 pandemic and, on the other hand, it supports the EU's and Bank's priority in the energy sector and the EIB's climate action objectives through the implementation of small-scale renewable projects and energy efficiency projects in industry.

    The operation targets to finance Midcaps affected by the COVID19 (70% of the operation). The remaining 30% of the operation (i.e. EUR 90m) will target investments in Climate Action initiatives. More specifically, small-scale renewable energy installations (mainly solar PV), manufacture of renewable energy equipment and energy efficiency in industry.

    In addition to the reduction of carbon and air pollution externalities - a social benefit which is not fully internalised by private investors -, the project contributes to the policy objective to support the market integration of renewable energy projects and the RE self-consumers, as set out in the EIB's Energy Lending Policy. In addition, EE projects suffer from relatively high transaction costs due to their fragmentation and small size. The consequence is sub-optimal financing flows into EE investments. The EIB involvement in this project will help to correct this sub-optimal investment situation.


    The loan will support the development of renewable energy projects in Spain, thus contribute to both national and EU's renewable energy targets.


    • Industry - Manufacturing
    • Energy - Electricity, gas, steam and air conditioning supply
    • Industry - Construction
    • Services - Wholesale and retail trade; repair of motor vehicles and motorcycles
    • Transport - Transportation and storage

    Proposed EIB finance (Approximate amount)

    EUR 300 million

    Total cost (Approximate amount)

    not applicable

    Environmental aspects

    The investments will generate environmental benefits in terms of reduction of air pollutants and greenhouse gas (GHG) emissions, ultimately helping to mitigate climate change. They are expected to have limited social and environmental impacts and any such impact is expected to be mitigated. The EIB will assess the capacity and procedures of the financial intermediary to ensure compliance with the national and European legislation.


    The majority of the schemes are expected to be developed by private entities/promoters that are not subject to EU Procurement Directives. For those schemes where public procedures would apply, the financial intermediary will be required to confirm that procurement is carried out in line with the requirements for public sector projects under the relevant national and EU legislation.


    Signed - 23/12/2022


    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 Industry Energy Services Transport