CANTABRIA PREHISTORIC MUSEUM

Promoter – Financial Intermediary

COMUNIDAD AUTONOMA DE CANTABRIA

Location

• Spain

Description

The project concerns the construction of the new MUPAC (Museum of Prehistory and Archaeology of Cantabria) in Santander, the capital of the Cantabria region in Spain. The new MUPAC includes, besides the exhibition area, a laboratory and research facilities, as well as office space for the regional public administration. Furthermore, the loan will also finance the implementation of the MUPAC Digital Plan, to digitalise its collection and caves, as well as the purchase of scientific and laboratory equipment.

Additionality and Impact

The project will provide state-of-the-art cultural facilities and office space for the regional public administration plus a digitalization plan benefitting visitors, researchers, and public servants. The building of the new Museum of Prehistory and Archaeology of Cantabria (MUPAC) and its urban integration will valorise Cantabria´s archaeological heritage, incorporating universal accessibility and sustainability criteria. The project is included in the main Urban Development Plans and Strategies of the city of Santander, it contributes to a number of sustainable development goals and is in line with the Bank's criteria for urban regeneration and integrated urban development. It is therefore eligible under Article 309 point (a) projects for developing less-developed regions, and point (c) common interest.

The EIB is supporting the project with long-term financing to the Instituto de Finanzas de Cantabria (ICAF) as intermediary for this operation. The Bank's participation secures access to long-term financing at affordable terms, including interest rates. This helps the borrower to diversify its funding mix and extend the average life of its debt, aligning it to the economic life of the assets financed. Furthermore, the long grace period matching project implementation and the flexible drawdown conditions, are considered differentiated features of EIB financing, which will overall allow the intermediary to offer better terms to the project promoter, ultimately reducing transfers from the Regional Government.

Objectives

The aim is to create a state-of-the-art museum and a visitor centre serving as a hub for research, education and tourism. It will also help to preserve, showcase and promote Cantabria's rich prehistoric and archaeological heritage, attracting domestic and international visitors, to contribute to the economic growth of both the region and its capital. In addition, the MUPAC is located in a very central area of Santander, in a plot that used to be an at-grade car park, and it has been designed with a special care to integrate and enhance the quality of the urban fabric of the neighbourhood.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 35 million

Total cost (Approximate amount)

EUR 70 million

Environmental aspects

Compliance with the relevant EU Directives will be verified during appraisal stage: environmental impact assessment (EIA) Directive 2011/92/EU (amended by the EIA Directive) 2014/52/EU, SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed. It is envisaged that the project will contribute to urban regeneration and sustainable urban development in the city of Santander, generating significant positive social and economic benefits, thanks to an increased cultural offer and job creation during implementation. All these elements will be evaluated during the appraisal of the project.

Procurement

The promoter has to ensure that contracts for implementation of the project will be tendered in accordance with the 4 applicable EU procurement legislation, Directive 2014/24/EU 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 Official Journal of the EU, as and where required.

Status

Signed - 20/12/2023