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    Reference: 20220160
    Release date: 25 October 2023

    Promoter – Financial Intermediary

    EMPRESA MUNICIPAL DE TRANSPORTES DE MADRID SA

    Location

    Description

    The project will finance the purchase of 250 electric buses and 10 hydrogen buses to replace the current ones, which will reach soon the end of service life. It will also include the acquisition of charging infrastructure for la Elipa and Sanchinarro depots. The new units will be stored in existing depots.

    Additionality and Impact

    The project consists of the acquisition of up to 260 new sustainable buses (250 electric and 10 hydrogen) to incorporate to Empresa Municipal de Transportes de Madrid fleet and the installation of charging infrastructure in two of its operation centres. 


    The project mitigates negative externalities in the form of the reduction of greenhouse gases (GHG), air pollutants and noise emissions through the electrification of road transport in an urban context. In doing so, the project produces a sound economic return and complies with the objectives set in the EIB's Transport Lending Policy and is aligned with the Paris Agreement, according to Annex 2 of the EIB's Climate Bank Roadmap. The Project provides a substantial contribution to Climate Mitigation according to Annex 4 of the EIB's Climate Bank Roadmap and a substantial contribution to Environmental Sustainability.


    EIB's participation will provide a financial benefit to Empresa Municipal de Transportes de Madrid. EIB's financing will secure access to long-term financing, with up to 15 years tenor loan, at affordable terms, including interest rates, and provide flexible financial conditions that will allow the Borrower to maintain a sound and balanced financial structure.

    Objectives

    The aim is to support the electrification of the bus fleet in line with the Madrid Sustainable Mobility Plan 360, which envisages an increased share of zero-emission tail-pipe buses in the metropolitan bus fleet. It is also in line with Madrid's Resilience and Transition Plan objective to achieve 100% 'zero' and low-emission urban buses by 2025.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 50 million

    Total cost (Approximate amount)

    EUR 161 million

    Environmental aspects

    None of the project components required an Environmental Impact Assessment (EIA). The production of buses and infrastructure equipment is expected to take place at the manufacturers' factories thus falling outside the scope of Directive 2014/52/EC amending Directive 2011/92/EC. The limited infrastructure interventions (i.e. adjustments in existing depots) are expected to take place within the footprint of the existing infrastructures; as such do not fall within the scope of the EIA Directive. The hydrogen production and refuelling infrastructure is not part of the project. The new buses will allow the replacement of existing buses reaching the end of service life. No negative impact is expected from this component. The interventions concerning charging infrastructure are expected to be limited and inside the footprint of the existing infrastructures, thus with minor and temporary environmental impacts.

    Procurement

    As a public entity, the promoter must comply with public procurement procedures under Spanish law transposing the EU directives. The EIB will therefore require EMT to ensure that contracts for implementation of the project have been and will be tendered in accordance with EU procurement legislation, 2014/25/EU or 2014/24/EU where applicable as well as Directive 92/13/EEC or Directive 89/665/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 - 18/06/2024

    Milestone
    Under appraisal
    Approved
    Signed
    6 November 2023
    18 June 2024

    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).

    Related tags

    Spain Transport