Unterzeichnung(en)
Übersicht
- Durchleitungsdarlehen - Durchleitungsdarlehen
The operation consists in an unfunded partial delegation linked risk sharing (LRS) transaction with the financial intermediary. The related sub-projects to be financed will be limited to manufacturing companies (Original Equipment Manufacturers or OEMs) producing or assembling in the EU, among others, turbines, grid connection's infrastructure, cables, transformer stations, sub-stations to be used in EU wind energy projects. In detail, it supports Caixbank in providing advance payment and performance bonds in relation to the obligations of OEMs and and possibly sub-contractors.
The aim is to support the EU's wind energy sector and mobilise about € 8bn of investments into wind power related equipment. The Lending Envelope is a dedicated Guarantee Programme to allow banks to provide additional guarantees related to supply contracts of wind energy equipment manufacturers in the EU.
The operation will contribute to the InvestEU objective of developing the energy sector.
The ambitious policy decarbonisation targets set in the 2030 require significant investment in renewable energy production capacity, notably in onshore and offshore wind energy infrastructure in Europe. This in turn requires a scale up of the supply chain manufacturing industry and ability to deliver components, services, and materials in a timely manner. It also requires an increased access to advance payment and performance guarantee lines for the OEMs, in a context of financial pressure (growing order books and challenges from rising inflation and interest rates) and with commercial banks reaching their exposure concentration limits vis-a-vis OEMs. The current situation in the guarantee market for wind projects is exacerbated by the relatively limited number of EU commercial banks providing such demanded guarantees in Europe.
The operation, by specifically addressing the increasing bottleneck associated with the provision of guarantees to OEMs, will enable the activation of under-utilised already installed strategic Net-Zero technology manufacturing capacity of wind energy OEM suppliers in Europe, which would otherwise go idle and potentially be lost in part. This enabling effect will help support the proper functioning and access to finance of the entire wind-energy supply chain and will, in turn, contribute to deploy additional renewable energy generation capacity that will eventually be installed in Europe.
The operation would not have been carried out (to the same extent) by the EIB without the InvestEU support.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Sub-projects need to comply with the EU legislation and the final beneficiaries under the new Caixabank portfolio will need to take all the requisite measures to ensure that the procurement procedures carried out will comply with the relevant EU procurement legislation and the applicable national legislation, provided that it is in conformity with EU rules.