RENFE SUBURBAN ROLLING STOCK CATALONIA

The project will finance the purchase of 101 electric multiple units for the regional railway services in Catalonia. 69 units are high-capacity train sets to run suburban services in the city.

The project supports the shift of traffic to more sustainable transport modes and reduces related negative transport externalities including carbon emissions. This will thus contribute to meeting the EIB's target for support to Climate Action and Environmental Sustainability.

The Project is in line with the InvestEU objective of development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement.

The Project supports the shift of traffic to more sustainable transport modes and reduces related negative transport externalities, thus addressing important market failures. These externalities include pollution from the road diesel/petrol engines and the related noise and CO2 emissions.

Furthermore, increased modal share of rail as the safest mode of land transport will lead to reduction of fatalities and serious accidents and the associated human suffering. Overall, the Project yields a high contribution towards fulfilling public policy targets.

EIB financing provides the client with attractive financial conditions, including long tenor and grace periods -especially compared to alternative funding sources- and flexible loan terms, such as long grace and disbursement periods, which are therefore better suited for the implementation of the Project. EIB's financing also supports the Promoter in achieving diversification of funding sources and contributes to the stability of their financing needs.

The Project would not have been carried out (to the same extent and with the same amounts) by the EIB without the InvestEU support.

The investment proposed under the project does not fall under either Annex I or Annex II of the Environment Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU) as manufacturing and use of rail rolling stock is not included in either list. The need of EIA and /or assessment according to the Habitants Directive 92/43/EEC for associated facilities (e.g. maintenance workshops or depots), not included in the investment proposed but needed for the correct operation of the new rolling stock , will be analysed during the appraisal. Arrangements for the replacement or decommissioning of old rolling stock will be reviewed during appraisal.

The promoter has to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, 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.