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The framework loan supports small-scale renewable energy projects (mainly solar photovoltaic) to be developed throughout Italy over the next 3 years. About 70% of the pipeline is located within EU Less Developed regions.
If fully allocated, the project would produce electricity from low-carbon sources (solar PV) in Italy and address the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution. Thereby the project supports EU Renewable Energy objectives and supports Italy in meeting its commitments with respect to renewable energy targets (87 GW of RE by 2030) and greenhouse gas emission reductions set out in the Integrated National Energy and Climate Plan (INECP) revised after the publication of the EU Green Deal.
The project supports the market integration of small-scale solar PV and wind plants in Italy thus addressing the market failure of negative environmental externalities, and contributing to the climate and energy targets set out in the NECP. In accordance with the EIB's Energy Lending Policy, the project contributes to the objectives on Renewable Energy, Climate Action, Environmental Sustainability and Social and Economic Cohesion.
The project's allocations are expected to solely rely on wholesale market revenues, though the promoter might participate in future capacity auctions (e.g. Contract for Difference) on an opportunistic basis. The project has excellent economic justification and sound financial profitability. It is an experienced Promoter with very good governance standards.
The Bank's financial contribution is considered very good and valuable to the client, thanks to favourable and flexible terms and conditions (lower cost of funding, longer tenor, convertible or revisable rates compared to those offered in the market).
Furthermore, the "EIB Green Loan" label is considered a stamp of quality on the borrower's green investment strategy and environment-related procedures, thus contributing to crowding-in other
financers. EIB's value added is even more tangible under the current market instability and turmoil generated by the CoViD-19 pandemic and the Russia-Ukraine crisis.
Iberdrola will be requested to comply with applicable national and EU legislation.
Iberdrola will be requested to comply with applicable national and EU legislation.