BBVA RISK SHARING EUROPEAN CLIMATE ACTION

Promoter – Financial Intermediary

BANCO BILBAO VIZCAYA ARGENTARIA SA

Location

• Spain
• EU Countries

Description

The project consists in a funded de-linked risk sharing operation with BBVA concerning an existing portfolio of project finance loans, including renewable energy, infrastructure and other sectors. Through the EIB resources, the intermediary will provide new loans to eligible beneficiaries investing in renewable energy and other sustainable projects, in Spain and across Europe.

Objectives

The aim is to provide new loans to support eligible renewable energy transactions in Spain and across Europe. The operation contributes to the EU-wide target of 32% of energy from renewable sources in gross final energy consumption (RES) by 2030, as set out in the EU RE Directive 2018/2001). Additionally, it further contributes towards the national renewable energy targets, including Spain's Integrated National Energy and Climate Plan (NECP), which aims for 42% renewable energy in the final energy consumption (RES) by 2030. It is envisaged for a number of projects to be located in EIB Cohesion Priority Regions. The project is therefore eligible under Article 309 (a) projects for developing less-developed regions and (c) common interest. Financing this project will contribute to the EIB's lending priority policy on social cohesion, renewable energy and climate action.

Sector(s)

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

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 300 million

Environmental aspects

The EIB will verify that the projects and associated transmission lines fall within Annex II of the Environmental Impact Assessment (EIA) Directive (Directive 2011/92/EU amended by the EIA Directive 2014/52/EU 2011/92/EU). All the projects shall be screened in by the competent authority and be subject to an environmental impact assessment (EIA) process, in order to obtain the required environmental permits. All the projects and associated infrastructure shall be located outside Natura 2000 sites or other protected areas. The authorisation procedure and compliance with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed at appraisal, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.

Procurement

The expected final beneficiaries have been assessed by the EIB as being private companies not being subject to EU rules on public procurement or concessions. However, the Bank will require BBVA to take all the requisite measures to ensure that the procurement procedures carried out by the final beneficiaries for the sub-projects comply with the relevant EU legislation and the applicable national legislation.

Status

Signed - 29/11/2024