IREN ELECTRIC NETWORK UPGRADE-GREEN LOAN

Promoter – Financial Intermediary

IREN SPA

Location

• Italy

Description

Financing of 2023-2027 investments in electricity distribution networks.

Objectives

The project consists of a programme including several investments in maintenance, renewal and development of the electricity distribution grids, as well as installation of new smart meters in the municipalities of Turin, Parma and Vercelli located in North-Western Italy (Piemonte and Emilia Romagna Regions). The planned investments are aimed to increase the capacity of the distribution network, maintain or increase its reliability and security of supply, and address the need for renewal of existing assets and planned developments, including advanced automation, tele-control and smart metering.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 200 million

Total cost (Approximate amount)

EUR 328 million

Environmental aspects

Subject to further appraisal, the investments are expected to contribute to Climate Action and Environmental Sustainability (CA&ES) objectives, including energy networks and smart meters. The project schemes are expected to have limited environmental impact and will not require an environmental impact assessment (EIA). The environmental and social due diligence will focus on the Promoter's capacity to implement the programme in line with the EIB environmental and social standards and requirements.

Procurement

The Bank will require the promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the 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

Approved - 30/04/2024