Release date: 29 March 2022
Promoter – Financial Intermediary
PRYSMIAN SPALocation
Description
The project concerns research, development and innovation (RDI) activities in the field of medium, high and extra high voltage electricity cables and systems, and of telecommunication cabling systems
Additionality and Impact
The project supports the Bank's Research, Innovation and Digital objective. While the outcome and ultimate commercialisation of R&D activities are highly uncertain, the supported project, which has a substantial portion of early stage research, is associated with positive knowledge externalities. These externalities are generated through cooperation with suppliers, customers, scientific institutes and universities. The project also generates both positive environmental externalities arising from the deployment of products with lower carbon footprint contributing to climate action and network externalities, which enable the society to benefit from the access to digital services. The project will contribute to increase knowledge and know-how in developing innovative and low-carbon cable systems and bring positive results by facilitating the deployment of renewable-based, energy efficient, smarter, safer and sustainable electricity and communication networks that are essential for meeting carbon neutrality. The proposed EIB loan satisfactorily meets the required funding needs of the promoter as it provides for the necessary flexibility in terms of long tenor and repayment profile, together with a sizeable financing volume. Furthermore, the EIB's involvement in the financing is expected to send a signalling effect to other potential lenders by also providing a quality stamp on the promoter's activity.
Objectives
The EIB financing will support the Promoter's innovation strategy, which streamlines the investments into high technological solutions for its customers to accelerate the energy transition to renewable sources and the digitalisation of communities. The outcome goals of the project aim to develop cost-effective, energy- and eco-efficient, highly innovative cabling systems and accessories for energy, telecom, mobility and many other sectors, such as infrastructure and construction.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 135 million
Total cost (Approximate amount)
EUR 278 million
Environmental aspects
The RDI activities will be carried out in already existing and authorised research and development (R&D) facilities. The project does not fall under any of Annexes of the Environmental Impact Assessment Directive 2014/52/EU amending Directive 2011/92/EU and therefore, not requiring screening or an EIA Report.
Procurement
The Promoter is a private company not operating in the utilities sector and not having a status of a contracting entity. Thus it is not covered by EU Directives on procurement.
Status
Signed - 16/12/2021
Disclaimer
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).