GYSEV FLEET AND INFRASTRUCTURE - GREEN LOAN

Promoter – Financial Intermediary

GYOR-SOPRON-EBENFURTI VASUT ZRT

Location

• Hungary

Description

The project consists of acquisition of new Electric Multiple Units, as well as infrastructure works on the rail network operated by GYSEV.

Additionality and Impact

The project is expected to consist of acquisition of Electric Multiple Units (EMUs) to be used for rail services in Hungary and Austria, as well as rail infrastructure works on the rail lines managed by GYSEV.

The new rolling stock and the infrastructure works will contribute to reducing the journey time, promoting more efficient operation, reducing maintenance costs, lowering energy consumption and increasing the level of comfort for passengers. The electrification works will bring reduced emissions due to discontinuing use of diesel rains on this section. Indirectly, by improving services, the project will help railways compete with other modes, particularly private vehicles and air, so as to maintain or improve its modal share. Shifting passenger flows from other modes to rail may result in reduced vehicle operation costs, safety and environmental benefits. The project is located in a less developed region.

The flexibility of the disbursement, the tailored availability period, repayment profile and the long tenor facilitate the implementation of the project.

Objectives

The new rolling stock and the infrastructure works will contribute to reducing the journey time, promoting more efficient operation, reducing maintenance costs, lowering energy consumption and increasing the level of comfort for passengers. The electrification works will bring reduced emissions due to discontinuing use of diesel trains on this section. Indirectly, by improving services, the project will help railways compete with other modes, particularly private vehicles and air, so as to maintain or improve its modal share. Shifting passenger flows from other modes to rail may result in reduced vehicle operation costs, safety and environmental benefits.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 160 million

Total cost (Approximate amount)

EUR 320 million

Environmental aspects

In relation to the track construction and electrification, the compliance with the requirements of the environmental impact assessment (EIA) Directive and the development consents are to be reviewed during appraisal. The project's potential impacts on protected areas and species, in accordance with the Habitats Directive (92/43/EEC) and Birds Directive (2009/147/EC) will also be appraised. The components related to acquisition of rolling stock do not fall under either Annex I or Annex II of the EIA 2011/92/EU as amended by Directive 2014/52/EU as manufacturing and use of rail rolling stock is not included in either list. The need of EIA and/or assessment according to the Habitats Directive for associated facilities (e.g. maintenance workshops or depots) will be analysed during the appraisal. All else equal, the project is expected to have a positive environmental impact by helping the railways to maintain modal share in key sections of the passenger market that are most appropriately met by rail.

Procurement

The promoter shall ensure that contracts for the implementation of the project have been 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 - 11/10/2024