Release date: 28 November 2024
Promoter – Financial Intermediary
AB SKFLocation
Description
The project will finance the promoter's Research, Development, and Innovation (RDI) in the field of bearings, seals, lubrication technologies and systems. In particular, it covers a wide range of sub-projects and activities to develop solutions for electric traction (railway), low-friction solutions for renewable energy equipment (notably wind turbine generators), technology packages for pumps and compressors (hydrogen economy and heat pumps) as well as circularity.
Additionality and Impact
The Project supports the Promoter's R&D transformative strategy to expand the focus on high-growth segments and accelerate the development of enabling technologies particularly for the green transition and sustainability.
The Project's activities are in line with the Bank's IDHC (Innovation, Digital and Human Capital) public policy goal and therefore are eligible for the Bank's financing under the Research, Innovation and Digital (RID) policy objective. A part of the Project contributes also to the Bank's Economic and social cohesion cross-cutting objective.
Part of the Project contributes to the Climate Action and Environmental Sustainability (CA&ES) cross-cutting objective; the RDI activities targeting specifically bearings solutions for wind energy are also aligned with the principles of the REPowerEU plan.
The Project is eligible under Article 309, point (c) Common interest. Part of the Project is also eligible under Article 309, point (a) Projects for developing less-developed regions.
The financing of this Project supports Research, Development, and Innovation (RDI) activities, which generate significant positive knowledge, technology, and environmental externalities, through the creation of innovative products and services and skills development and upgrading.
The Bank is able to provide a financial value added and capacity to extend a sizeable loan combined with an attractive tenor and disbursement availability periods, with the loan being highly relevant to the company. The EIB loan will further contribute to the diversification of the borrower's financing sources, of which a significant share consists of bonds, and constitutes a critical pillar for the project funding. By that, it is also expected to attract other lenders, mitigating the refinancing risk and facilitating access to other commercial funding sources.
Objectives
The aim is to support the promoter 's RDI transformative strategy to expand the focus on high-growth segments and accelerate the development of enabling technologies for green transition and sustainability.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 430 million
Total cost (Approximate amount)
EUR 865 million
Environmental aspects
The related RDI activities are not listed in any of the Annexes of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by the EIA Directive 2014/52/EU). The environmental details will be verified during the project appraisal.
Procurement
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.
Status
Signed - 22/11/2024
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).